Columbia Bank has announced its intention to acquire Northfield Bank in a deal valued at approximately $597 million. The combined entity will become the third largest regional bank headquartered in New Jersey, with total assets projected at $18 billion based on financial data as of December 31, 2025.
Alongside the merger announcement, Columbia’s Board of Directors, together with the Boards of Directors of Columbia Bank MHC and the Bank, have approved a plan for conversion and reorganization. This plan involves selling shares representing majority ownership of the mutual holding company (MHC) to the public at $10 per share. Additionally, Columbia Bank will transition from its current mutual holding company structure to a fully public stock holding company through what is known as a “second-step” conversion. After this process, Columbia Bank will operate as a wholly owned subsidiary under a new holding company created for this transaction.
Leadership roles following the merger have also been outlined. Thomas J. Kemly will remain president and chief executive officer of both the Holding Company and Columbia Bank. Dennis E. Gibney will continue as first senior executive vice president and chief banking officer for both entities, while Thomas F. Splaine, Jr. will serve as executive vice president and chief financial officer.
Steven M. Klein, currently chairman, president and CEO of Northfield, is set to become senior executive vice president and chief operating officer of both the Holding Company and Columbia Bank upon completion of the merger. The board structure post-merger will include directors from Columbia and four members from Northfield’s board—including Klein.
“We are excited to announce our second-step conversion and simultaneous merger with Northfield. The simultaneous merger allows us to immediately leverage a portion of the capital raised and materially augment financial results,” said Kemly. “Northfield has built an excellent deposit franchise with a conservative credit culture, which makes it an ideal fit with Columbia and provides great opportunities for future growth.”
“Founded in 1887, in the Northfield section of Staten Island, Northfield Bank has been serving its communities for nearly 140 years. Guided by its core values of Trust, Respect, and Excellence, our team members make a positive difference in the lives and businesses of those in our communities every day,” said Steven M. Klein, chairman, president and CEO of Northfield. “I have known and respected the Columbia team for nearly 40 years, and I believe this combination will create enormous value and opportunity for our team members, customers, and stockholders.”
The companies expect that all aspects related to the second-step conversion process—along with completion of both the conversion offering and merger—will be finalized early in the third quarter of 2026.
Keefe, Bruyette & Woods is acting as financial advisor to Columbia; it will also manage marketing efforts related to subscription offerings as well as any firm commitment underwritten offering conducted by the new Holding Company during this transition period. Raymond James & Associates serves as financial advisor to Northfield; it has provided a fairness opinion to Northfield’s Board regarding this transaction.
Legal counsel is being provided by Kilpatrick Townsend & Stockton LLP for Columbia; Luse Gorman PC is advising Northfield.
