Depositors at Roselle Bank are now depositors of Columbia Bank, with the completion of a deal that was first announced at the beginning of December.
On Wednesday, Columbia Bank MHC, Columbia Financial Inc. and Columbia Bank announced the four-branch institution based out of Roselle merged with and into Columbia.
Financial terms of the deal were not disclosed.
In November 2019, Fair Lawn-based Columbia closed on its acquisition of Atlantic Stewardship Bank.
“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,” said Columbia President and Chief Executive Officer Thomas Kemly in a prepared statement.
According to Columbia, the company issued 4,759,048 shares of common stock to Columbia Bank MHC as part of the transaction.
“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,” Kemly said.
Boenning & Scattergood Inc. advised Columbia in the transaction, the company said, and it was represented by law firm Kilpatrick Townsend & Stockton LLP. Meanwhile, Roselle was advised by investment banking firm Piper Sandler Cos. and represented by Luse Gorman PC.
As of Dec. 31, 2019, the most recent information available, Columbia Bank had $8.2 billion in assets and Roselle had $434 million.