Columbia Bank, Atlantic Stewardship Bank finalize $137M merger

By Emily Bader
Fair Lawn | Nov 4, 2019 at 5:30 am

Columbia Financial Inc., the holding company for Fair Lawn-based Columbia Bank, announced Friday it has officially acquired Stewardship Financial Corp., the holding company for Midland Park-based Atlantic Stewardship Bank, for $137 million.

Under terms of the merger, Atlantic Stewardship Bank will merge into Columbia Bank and Stewardship stockholders will receive $15.75 for each share of Stewardship common stock they own.

The deal was first announced in June.

“We are excited to expand our presence in Northern New Jersey while continuing to execute our long term strategic and growth plans.  We welcome the customers and employees of Atlantic Stewardship Bank to the Columbia family,” Thomas J. Kemly, CEO and president of the company, said.

Investment banking firm Boenning & Scattergood Inc. and law firm Kilpatrick Townsend & Stockton LLP advised Columbia on the transaction. Investment banking firm Sandler O’Neill + Partners L.P. and law firm McCarter & English advised Stewardship.

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Emily Bader | ebader@roi-nj.com | emilybader