The conversion and offering are a prerequisite for the Northfield Bancorp acquisition. Monitor subscription and community offering results for demand signals. The $10.00 subscription price relative to current market price will determine arbitrage dynamics. The 90-day lock-up on additional share issuance begins May 11, 2026.
Price Chart
Executive Summary
Columbia Financial, Inc. entered into an Agency Agreement with Keefe, Bruyette & Woods, Inc. (KBW) to serve as exclusive financial advisor and placement agent for the sale of up to 192,625,000 shares of common stock at $10.00 per share in connection with its conversion from mutual holding company to fully stock form. The offering is part of a broader plan that includes the acquisition of Northfield Bancorp, Inc. The S-1 registration statement was declared effective on May 11, 2026, and the Federal Reserve has approved the related applications.
Key Facts
- Up to 192,625,000 shares of common stock offered at $10.00 per share
- Shares sold in the offering will represent 73.1% of the company's outstanding shares post-conversion
- KBW receives a 1.0% success fee on subscription offering shares (excluding insider purchases) and 2.0% on community offering shares
- The conversion and offering are a prerequisite for the previously announced Northfield Bancorp acquisition
- Registration Statement on Form S-1 (No. 333-294103) declared effective by SEC on May 11, 2026
- Federal Reserve has approved the bank holding company application and conversion application
- Minimum offering size is 142,375,000 shares (including merger shares for Northfield deal)
Financial Impact
Maximum gross proceeds of approximately $1.93 billion at $10.00 per share (192,625,000 shares); minimum $1.42 billion (142,375,000 shares). KBW fees range from 1.0% to 5.0% depending on offering tranche.
Risk Factors
- If minimum 142,375,000 shares are not sold by the end date, the offering terminates and subscriptions are refunded with interest
- The Northfield Merger is contingent on completion of the conversion and offering, but not vice versa
- Potential dilution for existing shareholders — 73.1% of post-conversion shares are newly issued in the offering
- Market conditions may affect the firm commitment offering pricing and underwriting discount
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001723596-26-000023 |
| Document: clbk-20260511.htm | 0001723596-26-000023 |
| Document: 0001723596-26-000023-index-headers.html | 0001723596-26-000023 |
| Document: 0001723596-26-000023-index.html | 0001723596-26-000023 |
| Document: 0001723596-26-000023.txt | 0001723596-26-000023 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | SC 13G | $10.89 | awaiting T+20 | — | $10.85 (−0.37%) |
Sep 22, 2026 5w ago | Institutional Cluster | $11.38 $10.65 | ▼ −6.41% | ▼ −5.85% | $10.85 (−4.66%) |
Jul 22, 2026 13w ago | Insider Cluster | $11.01 $11.78 | ▲ +6.99% | ▲ +3.69% | $10.85 (−1.45%) |
Jul 22, 2026 13w ago | Insider Cluster | $11.01 $11.78 | ▲ +6.99% | ▲ +3.69% | $10.85 (−1.45%) |
Jul 20, 2026 14w ago | Press Release | $11.08 $11.82 | ▲ +6.68% | ▲ +4.12% | $10.85 (−2.08%) |
Jul 16, 2026 14w ago | Press Release | $23.42 $25.94 | ▲ +10.75% | ▲ +6.30% | $10.85 (−53.67%) |
Jul 2, 2026 16w ago | 8-K | $21.17 $23.78 | ▲ +12.34% | ▲ +12.04% | $10.85 (−48.75%) |
Jul 1, 2026 16w ago | Press Release | $21.17 $23.78 | ▲ +12.34% | ▲ +12.04% | $10.85 (−48.75%) |
Jun 11, 2026 19w ago | Press Release | $20.70 $21.38 | ▲ +3.29% | ▲ +1.93% | $10.85 (−47.58%) |
May 21, 2026 22w ago | DEFM14A | $9.25 $9.01 | ▼ −2.65% | ▼ −1.29% | $10.85 (+17.24%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers