Columbia Financial could raise up to $493 million as part of the Fair Lawn, N.J., mutual's plan to become publicly traded.

The $5.4 billion-asset company disclosed in a regulatory filing Tuesday that it plans to sell 43% of its stock at $10 each. Columbia will still be majority owned by Columbia Bank MHC, its federally chartered mutual holding company.

The company could raise $315.6 million to $492.8 million depending on the number of shares sold and the pricing.

Columbia said it will use net proceeds redeem $50 million in trust-preferred securities that were issued in August 2004; the rest will be invested in short-term investments. The company said it could eventually deploy capital to diversify its operations through organic growth or acquisitions.

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