Second Merger In Last Four Months
April 7, 2020
Columbia Bank has completed its acquisition of Roselle Bank. The planned merger was first announced in December.
Financial details of the deal were not disclosed, according to NJBiz.com. In November 2019, Fair Lawn, New Jersey-based Columbia closed on its acquisition of Atlantic Stewardship Bank, the publication reported.
“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, president and CEO of Columbia Bank, said in an announcement. “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.”
At the time of the merger, Roselle Bank was merged with and into Columbia Bank and depositors of Roselle Bank became depositors of Columbia Bank, with the same rights and privileges in Columbia Bank as if their accounts had been established in Columbia Bank on the date established at Roselle Bank. In addition, as part of the transaction, the Company issued 4,759,048 shares of its common stock to Columbia Bank MHC.
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. Roselle was advised by the investment banking firm of Piper Sandler Companies and represented by the law firm of Luse Gorman, PC
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