Columbia Financial Inc., the holding company for Fair Lawn-based Columbia Bank, announced on Wednesday it has completed its previously announced acquisition of RSB Bancorp. Inc., the holding company for Roselle-based Roselle Bank.
Once the merger has finalized, Roselle Bank will merge with an into Columbia Bank and depositors of Roselle will become depositors of Columbia. In addition, the company issued 4.6 million shares of its common stock to Columbia Bank MHC.
“With the addition of Roselle Bank, Columbia Bank is now serving 12 counties across the State of New Jersey. The combination advances our strategic growth plan and allows us to deliver enhanced products, digital services and lending capabilities to new markets,” Thomas J. Kemly, CEO and president of Columbia Bank, said. “Our bank recently completed a successful systems conversion from its prior acquisition of Atlantic Stewardship Bank. With one successful conversion behind us, we look forward to welcoming the new customers and employees of Roselle Bank. Together, we are making community banking better.”
Boenning & Scattergood Inc. acted as the financial advisor and Kilpatrick Townsend & Stockton LLP acted as legal representation for Columbia. Piper Sandler Companies acted as the financial advisor and Luse Gorman P.C. acted as legal representation for Roselle.