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Two years after postponing its planned conversion to a 100% stock-owned company, Northfield Bancorp, a mutual holding company in Avenel, N.J., is finally ready to take that second step.
June 7 -
Northfield Bancorp Inc. in Avenel, N.J., has agreed to buy Flatbush Federal Bancorp Inc. in Brooklyn, N.Y., in a deal that will combine two mutual holding companies.
March 13
Northfield Bancorp (NFBK), a mutual holding company in Avenel, N.J., is taking the final step in its conversion to a fully public company.
The $2.4 billion-asset parent company of Northfield Bank said Monday it has begun an offering of common stock in a new public company that represents the mutual holding company's 61.1% ownership stake in Northfield Bancorp.
In a news release, Northfield said it is looking to sell at between 31 million and 41.9 million shares at $10 each.
Upon completion of the offering, Northfield's existing stockholders will have their shares exchanged for shares of common stock in the new company at a ratio of between 1.22 and 1.65 shares for each share of Northfield's common stock they currently own.
The company said it would determine the exact exchange ratio before the end of the offering, which is expected to conclude on Dec. 17. Following the conversion, all of the capital stock of Northfield Bank will be owned by public.
Northfield
Sandler O'Neill & Partners is assisting Northfield in the marketing of the public offering.
Shares of Northfield rose 41 cents, at $14.60, in trading Monday.