Columbia Financial raised roughly $1.67 billion by selling more than 167 million shares at $10.00 each, converting Columbia Bank MHC into a fully public stock holding company ahead of its Nasdaq debut on July 21, 2026.1
The mutual-to-stock route is familiar to bank customers well beyond the United States. Building societies in the UK and savings banks across continental Europe have used similar conversions to turn member ownership into tradeable shares and unlock capital for growth.
KBW led the underwriting, and Broadridge is acting as transfer agent for the newly issued shares.2
One day before that debut, on July 20, 2026, Columbia Financial closed its acquisition of Northfield Bancorp.3 Northfield shareholders could elect $14.25 in cash or 1.425 Columbia Financial shares for each share held.3
The sequencing links the two deals directly: the acquisition closed first, then the capital raise followed a day later, giving the combined company a fully converted public currency alongside a larger capital base to absorb Northfield.4
The transaction marks a structural shift for Columbia Bank, which had operated under a mutual holding company structure. Second-step conversions let mutual banks raise permanent capital specifically to fund growth, including acquisitions like Northfield.5
Pairing a conversion IPO with a same-week acquisition close is unusual by international standards. Most mutual-to-stock conversions, whether in the US, UK, or Europe, separate the capital raise from any deal by months. Mid-size mutual and community banks elsewhere are watching Columbia's compressed timeline as a possible template, since it lets new capital go straight to work instead of sitting idle on the balance sheet.1
The combination expands Columbia Financial's footprint and deposit base as it enters public markets, reshaping competition among regional lenders in its Mid-Atlantic markets.4
