Columbia Financial (CLBK), the holding company for Columbia Bank, said late Tuesday it received all regulatory approvals for the completion of its minority stock offering of 49.8 million shares at $10 per share.
It expects to close the offering on Thursday. Shares of the company are due to begin trading on the Nasdaq Global Select Market under the ticker “CLBK” beginning on Friday.
The offering was oversubscribed by eligible depositors of the bank having a first tier priority, it said.
Under the terms, the company will also issue 62,6 million shares to Columbia Bank MHC, its mutual holding company. In addition, the company will contribute 3.5 million shares of Columbia Financial to Columbia Bank’s existing charitable foundation, the Columbia Bank Foundation.
A total of 115.9 million shares will be outstanding following the completion of the offering.