Banking / Financial

Columbia Financial Acquires Stewardship Financial Corporation

Columbia Financial, Inc., the holding company for Fair Lawn-based Columbia Bank, has acquired Stewardship Financial Corporation and its wholly owned subsidiary, Atlantic Stewardship Bank. Upon completion of the merger, each Stewardship stockholder became entitled to receive $15.75 in cash for each share of Stewardship common stock that they held at the effective time of the merger.

“We are excited to expand our presence in Northern New Jersey while continuing to execute our long term strategic and growth plans.  We welcome the customers and employees of Atlantic Stewardship Bank to the Columbia family,” said Thomas J. Kemly, President and Chief Executive Officer of the Company.

Columbia was advised in the transaction by the investment banking firm of Boenning & Scattergood, Inc. and represented by the law firm of Kilpatrick Townsend & Stockton LLP. Stewardship was advised by the investment banking firm of Sandler O’Neill + Partners, L.P. and represented by the law firm of McCarter & English, LLP.

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