At the effective time of the merger, Freehold incorporated into Columbia, converting to a federal savings bank and operating as a wholly-owned subsidiary.
Freehold Bank has its main office and sole branch in Freehold, where it has operated for more than 167 years. Columbia Bank is based in Fair Lawn.
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As part of the transaction, the company issued 2,591,007 shares of its common stock to the mutual holding company in accordance with the terms of the merger agreement.
Columbia was advised in the transaction by the investment banking firm of Boenning & Scattergood Inc. and represented by the law firm of Kilpatrick Townsend & Stockton LLP. Freehold was advised by the investment banking firm of FinPro Capital Advisors Inc. and represented by the law firm of Stevens & Lee PC.