Insights: In the News Kilpatrick Townsend Counsels Columbia Financial, Inc. in its Acquisition of Stewardship Financial Corporation

PR Newswire

FAIR LAWN, N.J., June 7, 2019 /PRNewswire/ -- Columbia Financial, Inc. (NASDAQ: CLBK) ("Columbia"), the holding company for Columbia Bank, and Stewardship Financial Corporation (NASDAQ: SSFN) ("Stewardship"), the holding company for Atlantic Stewardship Bank, announced today the signing of a definitive merger agreement.

Pursuant to the terms of the merger agreement, Stewardship shareholders will receive $15.75 in cash for each share of Stewardship common stock held.  The aggregate consideration in the transaction is approximately $137 million and the per share merger consideration represents 166.8% of Stewardship's tangible book value as of March 31, 2019 and equates to approximately 17.4x Stewardship's trailing twelve-month net income through March 31, 2019.

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