The deal, which was previously announced in December 2021, provided that all depositors of RSI Bank became depositors of Columbia Bank, with the same rights and privileges in Columbia Bank MHC as if their accounts had been established in Columbia Bank on the date established at RSI Bank.
Columbia offered full employment to all RSI employees upon consummation of the merger. In addition, Columbia added one current member of RSI’s board of directors, David Taylor, CEO and president of RSI Bank, to Columbia Bank’s board of directors.
In connection with the transaction, RSI Bank also made a $5 million charitable contribution to a donor advised fund at the Community Foundation of New Jersey, a 501(c)(3) charitable organization. The former directors of RSI Bank will have authority over grants made from the RSI Bank fund and will stipulate the areas of focus and donees for grants and donations made from the RSI Bank fund.
“We are excited to be combining two like-minded financial institutions that hold quality customer service and community support as a top priority. Adding the talented staff will ensure a seamless transition for our new customers,” said Thomas Kemly, CEO and president of Columbia.
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. RSI was advised by the investment banking firm of FinPro Capital Advisors Inc. and represented by the law firm of Luse Gorman P.C.