On December 3, 2019, RSB Bancorp, MHC, Roselle, New Jersey, the mutual holding company of RSB Bancorp, Inc. and Roselle Bank, and Columbia Bank, MHC, Fair Lawn, New Jersey, the mutual holding company of Columbia Financial, Inc. and Columbia Bank, announced the signing of a definitive merger agreement pursuant to which RSB Bancorp, MHC will merge with and into Columbia Bank, MHC with Columbia Bank, MHC as the resulting company. Upon completion of the merger, RSB Bancorp, Inc. and Roselle Bank will merge with and into Columbia Financial, Inc. and Columbia Bank, respectively, with Columbia Financial, Inc. and Columbia Bank as the resulting entities. Columbia Financial, Inc. is a publicly traded mid-tier stock holding company, and its common stock is listed on Nasdaq.
Luse Gorman is serving as legal counsel to RSB Bancorp, MHC in the transaction. The Luse Gorman team consists of Kent Krudys, Tom Hutton and Greg Sobczak.
This is Luse Gorman’s 19th bank merger transaction announced in 2019.
Roselle Bank has approximately $442 million in total assets and operates four banking offices located in Union, Somerset and Hunterdon Counties in New Jersey.
Columbia Bank has approximately $7.1 billion in total assets and operates 64 branches throughout New Jersey.