Columbia Financial and Northfield Bancorp mail merger election materials

Columbia Financial, Inc. (NASDAQ: CLBK) and Northfield Bancorp, Inc. (NASDAQ: NFBK) announced they have mailed election forms to Northfield stockholders regarding merger consideration options. The deadline for Northfield stockholders to elect their preferred form of merger consideration is 5:00 p.m. Eastern time on July 10, 2026.

Under the merger agreement signed January 31, 2026, Northfield stockholders can choose to receive shares of Columbia Financial's newly formed Maryland holding company, cash, or a combination of both when the merger completes. The consideration amounts depend on Columbia's appraised full conversion value.

If the appraised value is less than $2.3 billion, stockholders will receive 1.425 shares or $14.25 cash per Northfield share. If the value ranges from $2.3 billion to $2.6 billion, the options increase to 1.450 shares or $14.50 cash. If the value reaches $2.6 billion or higher, stockholders receive 1.465 shares or $14.65 cash per share.

The current appraised full conversion value stands at $2.291 billion at the midpoint of the offering range for Columbia's second-step conversion. No more than 30% of outstanding Northfield shares can be converted to cash consideration under the agreement terms.

The merger remains subject to various closing conditions, including completion of Columbia's second-step conversion and approval by stockholders of both companies. Columbia Bank operates 70 banking offices while Northfield Bank operates 37 offices across New York and New Jersey.

The election materials are separate from proxy materials previously mailed for Northfield's special stockholder meeting scheduled for June 26, 2026.

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