Stewardship Financial Corporation and Columbia Financial, Inc. Receive Regulatory Approvals for Merger
October 21 2019 - 5:25PM
Stewardship Financial Corporation (Nasdaq:SSFN) (the “Company”),
parent company of Atlantic Stewardship Bank, today announced that
that the Company and Columbia Financial, Inc. (“Columbia”) 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 the Company and the related merger of Atlantic Stewardship Bank
with and into Columbia Bank.
The transaction is expected to close on November
1, 2019 and is subject to customary closing conditions. Until the
transaction closing date, each institution will continue serving
customers and daily operations will remain as usual.
About Stewardship Financial
CorporationStewardship Financial Corporation is a one-bank
holding company, incorporated under the laws of the State of New
Jersey in January of 1995, which serves as a holding company for
Atlantic Stewardship Bank. Stewardship’s primary business is the
ownership and supervision of Atlantic Stewardship Bank.
Stewardship, through Atlantic Stewardship Bank
conducts commercial banking business and offers services including
personal and business checking accounts, time deposits, money
market accounts and regular savings accounts. Stewardship manages
its business through its main office located at 630 Godwin Avenue,
Midland Park, New Jersey, and through its twelve branch offices in
Midland Park, Hawthorne, Montville, Morristown, North Haledon,
Pequannock, Ridgewood, Waldwick, Wayne (2), Westwood and Wyckoff,
New Jersey. The Bank is known for tithing 10% of its pre-tax
profits to Christian and local charities. To date, the Bank’s tithe
donations total over $12 million. We invite you to visit our
website at www.ASBnow.bank for additional information.
Forward-Looking StatementsCertain statements
herein constitute forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, and are
intended to be covered by the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such statements may be
identified by words such as “believes,” “will,” “would,” “expects,”
“project,” “may,” “could,” “developments,” “strategic,”
“launching,” “opportunities,” “anticipates,” “estimates,”
“intends,” “plans,” “targets” and similar expressions. These
statements are based upon the current beliefs and expectations of
the Corporation’s management and are subject to significant risks
and uncertainties.
Actual results may differ materially from those set forth in the
forward-looking statements as a result of numerous factors. The
following factors, among others, could cause actual results to
differ materially from the anticipated results expressed in the
forward-looking statements: (i) 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; (ii) the interest rate environment may further compress
margins and adversely affect new interest income; (iii) the risks
associated with continued diversification of assets and adverse
changes to credit quality; and (iv) changes in legislation,
regulations and policies. Additional factors that could cause
actual results to differ materially from those expressed in the
forward-looking statements are discussed in Stewardship’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 Stewardship or any person acting on
their behalf are expressly qualified in their entirety by the
cautionary statements above. Except as required by law, Stewardship
does not undertake any obligation to update any forward-looking
statement to reflect circumstances or events that occur after the
date the forward-looking statement is made.
Contact:Claire M. ChadwickExecutive Vice
President and Chief Financial Officer630 Godwin AvenueMidland Park,
NJ 07432P: 201.444.7100
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