RSI Bank has been a constant in the community since 1851.
RSI Bank is known as a safe, trusted and highly reputable institution – a brand that signifies “community” and “caring” at its core. As New Jersey’s oldest mutual savings bank, RSI Bank has endured and even thrived during some of our country’s most challenging periods – from the Civil War through the current COVID-19 pandemic.
RSI Bank was incorporated by an act of New Jersey State Legislature on February 19, 1851 (then known as Rahway Savings Institution), and opened its doors to the public on March 12, 1851. Today, RSI Bank has 4 offices in Union County and Middlesex County: one office in downtown Rahway, one on Saint Georges Avenue on the border of Rahway and Linden, one office in Colonia, and one in Woodbridge, NJ.
Thanks to its capital strength, and a foundation based on integrity and honesty, RSI Bank remains a fiscally solid provider of banking products and financing solutions. What’s more, the bank continues to stand out for its commitment to personalized attention and exceptional service, as well as the range of quality products and expertise extended to the community.
RSI Bank celebrates 170 years as a community bank and as a generous supporter of education, the arts, public safety and wellness initiatives that improve the lives of local residents.
Treating people fairly, with consideration and respect, is a long held, fundamental credo of RSI Bank that guides our company’s mission as a community bank. RSI Bank unequivocally prioritizes fairness and justice and is anti-racism. This shared belief drives our leadership, core business model, community partnerships and charitable donations, as well as our normal course of doing business. If you have any questions or concerns about our policies, practices, or programs, we encourage you to speak with us. We’re listening.
COLUMBIA FINANCIAL, INC. RECEIVES REGULATORY APPROVALS FOR ACQUISITION OF RSI BANK
Fair Lawn, New Jersey, April 18, 2022 — Columbia Bank MHC, Columbia Financial, Inc. (Nasdaq: CLBK) (the “Company”) and Columbia Bank (collectively, “Columbia”) today announced that Columbia and RSI Bancorp M.H.C., RSI Bancorp, Inc. and RSI Bank (collectively, “RSI”) have received the requisite regulatory approvals from the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the New Jersey Department of Banking and Insurance necessary to complete Columbia’s acquisition of RSI.
The transaction is expected to close on May 1, 2022 and is subject to customary closing conditions.
About Columbia Financial, Inc.
Columbia Financial, Inc. is a Delaware corporation organized as the mid-tier stock holding company of Columbia Bank and Freehold Bank. The Company is a majority-owned subsidiary of Columbia Bank, MHC. Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey that operates 62 full-service banking offices. Freehold Bank is a federally chartered savings bank headquartered in Freehold, New Jersey that operates two full-service banking offices. Both banks offer traditional financial services to consumers and businesses in our market areas.
This press release contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995, which are based on the Company’s current expectations, estimates and projections about future events. The following factors, among others, could cause actual results to differ materially from the anticipated results expressed in the forward-looking statements: (i) the businesses of Columbia and Freehold may not be combined successfully, or such combination may take longer than expected; (ii) the cost savings from the merger may not be fully realized or may take longer than expected to be realized; (iii) operating costs, customer loss and business disruption following the merger may be greater than expected; (iv) governmental approvals of the merger may not be obtained, or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger or otherwise; (v) the interest rate environment may further compress margins and adversely affect net interest income; (vi) the risks associated with continued diversification of assets and adverse changes to credit quality; (vii) changes in legislation, regulations and policies; and (viii) the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Columbia’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the Securities and Exchange Commission (the “SEC”) and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters attributable to Columbia or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.