Columbia Financial, Inc. Receives Regulatory Approvals for Acquisition of Freehold Bank

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FAIR LAWN, NJ, November 24, 2021 (GLOBE NEWSWIRE) – Columbia Bank MHC, Columbia Financial, Inc. (Nasdaq: CLBK) (the “Company”) and Columbia Bank (collectively, “Columbia”) announced today that Columbia and Freehold MHC, Freehold Bancorp and Freehold Bank (collectively, “Freehold”) have received the required regulatory approvals from the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the New Brunswick Department of Banking and Insurance. Jersey. necessary to complete the acquisition of Freehold by Columbia.

The transaction is expected to close on December 1, 2021 and is subject to customary closing conditions.

About Columbia Financial, Inc.

Columbia Financial, Inc. is a Delaware corporation organized as a mid-level holding company of Columbia Bank. The Company is a majority owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey. The Bank provides traditional financial services to consumers and businesses in our markets through its 61 full-service bank offices.

Forward-looking statements

This press release contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995, which are based on the Company’s current expectations, estimates and projections regarding future events. The following factors, among others, could cause actual results to differ materially from the anticipated results expressed in forward-looking statements: (i) the businesses of Columbia and Freehold may not be successfully combined, or such a combination may take more time than expected; (ii) the cost savings resulting from the merger may not be fully realized or may take longer than expected to be realized; (iii) operating costs, loss of customers and business interruption as a result of the merger may be higher than expected; (iv) government approvals of the merger may not be obtained, or adverse regulatory conditions may be imposed as part of government approvals of the merger or otherwise; (v) the interest rate environment may further compress margins and negatively affect net interest income; (vi) risks associated with continued asset diversification and adverse changes in credit quality; (vii) changes in legislation, regulations and policies; and (viii) the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions. Additional factors that could cause actual results to differ materially from those expressed in forward-looking statements are discussed in Columbia’s reports (such as annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8 -K) filed with the Securities and Exchange Commission (the “SEC”) and available on the SEC’s website (www.sec.gov). All subsequent written and oral forward-looking statements regarding the proposed transaction or other matters attributable to Columbia or any person acting on its behalf are expressly qualified in their entirety by the caveats above. Except as required by applicable law or regulation, the Company assumes no obligation to update forward-looking statements.

Contact details:
Columbia Financial, Inc.
Investor Relations Department
(833) 550-0717

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