Columbia Financial Secures $1.1B in Offering, Approvals for Conversion & Northfield Merger
CLBK sits 56% above its 52-week low of $13.66.
Summary
Columbia Financial announced it received stockholder and depositor approvals for its second-step conversion and the simultaneous acquisition of Northfield Bancorp (NFBK). The company secured approximately $1.1 billion in its subscription offering, an increase from the preliminary $925 million reported earlier. This follows the June 25th 8-K which reported shareholder approval, and marks a critical step in the conversion to a fully public stock holding company. The strong demand for shares in the offering provides substantial capital for the combined entity. An underwritten offering for unsold shares is expected to commence the week of July 6th, with final regulatory approvals still pending for the conversion and merger.
At the time of this announcement, CLBK was trading at $21.27 on NASDAQ in the Finance sector, with a market capitalization of approximately $2.2B. The 52-week trading range was $13.66 to $21.59. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: GlobeNewswire.