Columbia Financial, Inc. (CLBK) shares climbed 10.2%, trading at $17.93, up $1.66, after the company and Northfield Bancorp, Inc. announced they have entered into a merger agreement valued at approximately $597 million that will combine the two banks into one of New Jersey's largest regional lenders.
The transaction, which both boards have unanimously approved, is set to create a combined bank with roughly $18 billion in assets and will see Columbia convert from a mutual holding company into a fully public stock holding company.
On the day of the announcement, CLBK opened near session lows before steady buying lifted the stock well above its previous close. Trading volume reflected strong market interest in the merger news and the potential strategic upside from the combined regional bank.
Columbia's 52-week range highlights volatility tied to M&A activity and investor sentiment around consolidation in the community banking sector.
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