Columbia Financial subscription offering draws over $925 million in preliminary results

GlobeNewswire··Read original
2▲2 ▼0Impact / 5
Summary · why it matters

Columbia Financial, Inc. announced preliminary results showing its subscription offering received over 5,000 orders representing approximately $925 million in connection with the second-step conversion of Columbia Bank MHC from mutual to stock form. The company also increased the maximum individual purchase limit from 300,000 shares, or $3.0 million, to 800,000 shares, or $8.0 million, and the maximum group purchase limit from 1,000,000 shares, or $10.0 million, to 5,000,000 shares, or $50.0 million. Only subscribers who ordered the maximum number of shares will be resolicited to increase their orders up to the new limits, with supplemental stock order forms due by 2:00 p.m. Eastern time on June 30, 2026. All other eligible subscribers will have their orders filled in full, and shares not subscribed for will be offered at $10.00 per share in a firm commitment underwritten offering led by Keefe, Bruyette & Woods, Inc., A Stifel Company, with Piper Sandler & Co. as co-book running manager and Brean Capital, LLC as co-manager. Completion of the offering remains subject to stockholder and member approvals, final regulatory approvals including an updated independent appraisal, and the sale of at least 142,375,000 shares of common stock at the adjusted minimum of the offering range.

Impact on assets 2

Financials▲ · 2 stocks
Columbia Financial Inc
CLBK
▲ PositiveCapitalrelevance

Subscription offering oversubscribed with $925M in orders, indicating strong investor demand for the stock offering.

Piper Sandler Companies
PIPR
▲ PositiveCapitalrelevance

Piper Sandler is co-book running manager for the underwritten offering, generating fee income.

Off-coverage companies 1

Columbia Bank MHCPrivate▲ Positive
Capitalrelevance

Columbia Bank MHC is converting to stock form, with strong subscription demand facilitating the conversion.

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