Luse Gorman is Legal Counsel to RSI Bank in its Proposed Merger with Columbia Bank

December 7, 2021

On December 1, 2021, RSI Bancorp, M.H.C., a New Jersey mutual holding company, RSI Bancorp, Inc., a Delaware holding company, and RSI Bank, a New Jersey stock savings bank (collectively "RSI"), entered into a merger agreement with Columbia Bank MHC, a federally chartered mutual holding company, Columbia Financial, Inc., a Delaware holding company, and Columbia Bank, a federally chartered stock savings bank (collectively "Columbia"), pursuant to which the RSI entities will merge with and into the Columbia entities. As part of the merger transaction, Columbia Financial, Inc., the mid-tier holding company of Columbia Bank, will issue additional shares of its common stock to Columbia Bank MHC in an amount equal to the fair value of RSI as determined by an independent appraisal.