Columbia Bank MHC, Columbia Financial, and Columbia Bank (collectively Columbia) have signed a definitive merger agreement with RSI Bancorp, MHC, RSI Bancorp, and RSI Bank (collectively RSI).
The agreement will see RSI Bank merge with and into Columbia Bank, with Columbia Bank as the surviving entity.
Go deeper with GlobalData
RSI Bancorp, MHC and RSI Bancorp will merge into Columbia Bank MHC, the mutual holding company of Columbia Bank, and Columbia Financial, the mid-tier stock holding company for Columbia Bank, respectively.
As per the agreement, additional shares of Columbia Financial common stock will be issued to Columbia Bank MHC in an amount equal to the value of RSI, which will be determined by an independent appraiser.
RSI Bank had $620m in total assets, $363m in loans, $510m in deposits and equity capital of $90m as of 30 September 2021.
Columbia president and CEO Thomas Kemly said: “The transaction will strengthen our footprint in Middlesex and Union Counties. As two community-minded banks, we are proud to enhance our local impact and support new markets.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataRSI president and CEO David Taylor said: “We are excited to partner with Columbia Bank, a leading New Jersey-based community bank. The merger will provide an opportunity for our customers to join a larger banking network, with expanded products and services, while employees will benefit from the opportunity to work for a rapidly growing community bank.”
Upon completion, which is subject to customary closing conditions, RSI Bank’s current depositors will become depositors of Columbia Bank.
All RSI employees have been offered full employment with Columbia Bank. The deal is expected to close in the second quarter of 2022.
