WOODBRIDGE, N.J., Dec. 20, 2012 (GLOBE NEWSWIRE) -- Northfield Bancorp, Inc. (the "Company") (Nasdaq:NFBK), announced today the results of the subscription and community offering of Northfield Bancorp, Inc., a Delaware corporation ("Northfield"), conducted in connection with the Company's proposed conversion from the mutual holding company to the stock holding company form of organization. The subscription and community offering expired December 17, 2012. Based on preliminary figures, Northfield received orders for approximately 29 million shares of common stock, or $290 million, in the subscription and community offering. Commenting on the results, John W. Alexander, Chairman and Chief Executive Officer of the Company, stated, "We are extremely pleased and gratified by the strong showing of support for Northfield by our customers, shareholders and community."
Based on an independent appraisal of the estimated pro forma market value of Northfield as of October 12, 2012, Northfield is offering 31,025,000 to 41,975,000 shares of common stock at $10.00 per share. In order to complete the offering, the Board of Directors has determined to increase the maximum purchase limitation for both individuals and groups from 300,000 shares to 600,000 shares and offer those persons who subscribed for the initial maximum number of shares in the subscription offering the opportunity to increase their orders. Persons who submitted orders in the community offering for the initial maximum number of shares may also be given the opportunity to increase their orders. Only persons who previously ordered the maximum number of shares will be given the opportunity to increase their orders.
The Company anticipates closing the offering at approximately the midpoint of the offering range. Accordingly, the Company currently does not anticipate conducting any syndicated community offering or firm commitment public offering. In the event that shares remain available for sale after persons who previously submitted maximum orders have had the opportunity to increase their orders, Northfield Bancorp may extend the community offering and solicit additional purchasers. The community offering, if extended, may be terminated at any time in the Company's sole discretion and is subject to the Company's right to accept or reject, in whole or in part, orders received in the community offering.
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