FAIR LAWN – Columbia Bank, based in Fair Lawn, plans to merge with Midland Park-based Atlantic Stewardship Bank.

Columbia Financial Inc., the holding company for the Fair Lawn-based bank, made the announcement on Friday.

Columbia, with 50 branches across New Jersey, will add on Atlantic Stewardship Bank, with 12 banks in northern New Jersey. The deal is expected to close in the fourth quarter of 2019 after both banks have met regulatory and shareholder approvals, according to the announcement.

Columbia is merging with a bank that is unique within banking circles: Atlantic Stewardship, formed in 1985, operates on Christian values by tithing 10 percent of its annual earnings to organizations. The bank has given more than $11.2 million under its tithing program.

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In 2016, Atlantic Stewardship CEO Paul Van Ostenbridge said in an interview with The Record that the tithing was “incorporated in our bylaws 30 years ago, and we have remained committed to it.”

Van Ostenbridge commented on the merger stating, “We are excited about the combination with Columbia Bank and the amazing opportunities this presents to our customers and the community through an expanded platform with greater financial resources.”

Thomas Kemly, Columbia's president and chief executive officer, said in a statement, “We believe the merger represents a significant step towards profitably deploying capital we raised in our public offering and is a great fit with our growth plan."

As of March 31, Columbia had total assets of $6.7 billion, loans of $5 billion, and operates 50 branches with deposits of $4.6 billion. Stewardship Financial Corp., the holding company for Atlantic Stewardship, had total assets of $961 million, loans of $747 million and deposits of $784 million.

Email: kaulessar@northjersey.com

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