Columbia Financial will conduct a minority stock offering expected to close April 19.
The Fair Lawn-based company is the holding company for Columbia Bank. In its initial public offering, Columbia Financial expects to sell roughly 49.8 million shares at $10 per share, while Columbia Financial and Columbia Bank will remain wholly owned subsidiaries of Columbia Bank Mutual Holding Co.
The company’s employee stock ownership plan also will have its order filled in full, according to an announcement by Columbia Financial. It will purchase approximately 4.5 million shares in the offering.
Columbia Financial will issue 62.6 million shares to Columbia Bank MHC, as well as contribute 3.5 million shares of Columbia Financial common stock to Columbia Bank’s charitable foundation, the Columbia Bank Foundation.
At a special shareholders meeting April 5, Columbia MHC approved a total of 115.9 million shares of common stock to be outstanding following the completion of the offering.
As of the end of 2017, Columbia Financial had total assets of $5.8 billion, deposits of $4.3 billion and stockholder’s equity of $472 million.