NEW JERSEY - Roselle Bank a state‐chartered savings bank established in the community on May 25, 1889, will soon be acquired by Columbia Financial, Inc.
Roselle Bank's main office located in Roselle had recently gone under a major remodel this past year to the current building, and also add another building when they expanded by taking over an empty bank building across the street, in order to move their corporate offices to Roselle. The Bank also has three branch offices located in Cranford, Bernardsville and High Bridge.
According to a press release by Columbia Financial officials on December 3, stated…
Columbia Bank, MHC, ColumbiaFinancial, Inc. (NASDAQ: CLBK) and Columbia Bank (collectively, “Columbia”), and RSB Bancorp, MHC,RSB Bancorp, Inc. and Roselle Bank (collectively, “Roselle”) announced today the signing of a definitive merger agreement.
Under the terms of the merger agreement, depositors of Roselle will become depositors of Columbia Bank and will have the same rights and privileges in Columbia Bank, MHC, the mutual holding company parent of Columbia Bank, as if their accounts had been established in Columbia Bank on the date established at Roselle.
As part of the transaction, Columbia Financial, Inc. will issue additional shares of its common stock to Columbia Bank, MHC in an amount equal to the fair value of Roselle as determined by an independent appraiser. These shares are expected to be issued immediately prior to completion of the merger. In addition, following the completion of the merger, Columbia and Columbia Bank Foundation will support the charitable organizations serving the communities currently served by Roselle.
Roselle Bank is a savings bank that was established in 1889 and operates four banking offices in Union, Somerset and Hunterdon Counties. As of September 30, 2019, Roselle Bank had total assets of $442 million, loans of $171 million, deposits of $338 million and equity capital of $61 million.
Columbia has offered full employment to all Roselle employees, excluding those with existing change‐in-control agreements with Roselle, and has agreed to add one current member of Roselle’s Board of Directors to Columbia Bank’s Board of Directors following the completion of the merger.
Mr. Thomas J. Kemly, Columbia’s President and Chief Executive Officer, commented: “We are pleased with the opportunity to welcome Roselle Bank and its employees to Columbia Bank. The transaction will combine two community banks with strong, loyal customer bases while expanding the Columbia Bank franchise in Union, Somerset and Hunterdon Counties.
”Mr. William E. Fredericks, Chairman of the Board of Directors of Roselle commented: “We are excited to partner with Columbia Bank, a leading New Jersey‐based bank with shared culture and values. The merger will provide an opportunity for customers to join a larger banking network, with expanded products and services, while employees will benefit from the opportunity to work for a rapidly growing community bank. The support of the Columbia Bank Foundation will serve as an asset to our local communities and charitable organizations.”
According to the release, the transaction, which has been unanimously approved by each company's board of directors, is subject to satisfaction of customary closing conditions, including receipt of various regulatory approvals, and is expected to close in the second quarter of 2020 after all such conditions are met. Upon closing, Roselle Bank will merge into Columbia Bank.
Columbia Financial, Inc. is a Delaware corporation organized as Columbia Bank's mid‐tier stock holding company. Columbia Financial, Inc. is a majority‐owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey.
The Bank offers traditional financial services to consumers and businesses in our market areas. As of September 30, 2019, Columbia had total assets of $7.1 billion, loans of $5.2 billion, and operates 64 branches with deposits of $4.8 billion in deposits.
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