Columbia Financial Closes Acquisition of RSI Bank.
MANews-(C)2009-2022
US-based bank holding company Columbia Financial, Inc's (NASDAQ: CLBK) New Jersey, US-based Columbia Bank MHC, has completed its acquisition of New Jersey-based RSI Bancorp, M.H.C., RSI Bancorp, Inc. and RSI Bank, the company said.
At the effective time of the merger, RSI Bank was merged with and into Columbia Bank and 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.
In addition, as part of the transaction, the company issued 6,086,314 shares of its common stock to Columbia Bank MHC.
In connection with the transaction, RSI Bank also made a USD 5m 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.
Columbia was advised in the transaction by the investment banking firm of Boenning and Scattergood...
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