Fair Lawn, N.J.-based Columbia Financial is acquiring Woodbridge, N.J.-based Northfield Bancorp for nearly $600 million.
The merger is expected to be completed in the third quarter, and create the third-largest regional bank in New Jersey at $18 billion. Columbia Financial is the holding company of Columbia Bank. Northfield Bancorp is the holding company for Northfield Bank.
A nearly $11 billion financial institution, Columbia Bank operates dozens of branches in northern and central New Jersey. The $5.7 billion Northfield Bank has 37 branches in Staten Island and Brooklyn, New York and several local counties.
“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,” said Columbia President and CEO Thomas J. Kemly.
New York City-based Keefe, Bruyette & Woods is financial advisor to Columbia, while Atlanta-based Kilpatrick Townsend & Stockton LLP is providing legal advice. St. Petersburg, Fla.-based Raymond James & Associates is financial adviser to Northfield, while Washington, D.C.-based law firm Luse Gorman is legal counsel to the company.
