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Northfield Bancorp, Inc. Announces Stock Offering Results, Expected Closing Date And Release Of Earnings

Stocks in this article: NFBK

WOODBRIDGE, N.J., Jan. 22, 2013 (GLOBE NEWSWIRE) -- Northfield Bancorp, Inc., a federal corporation (the "Company") (Nasdaq:NFBK), announced today the results of the stock offering conducted by Northfield Bancorp, Inc., a Delaware corporation ("New Northfield"), in connection with the Company's proposed conversion from the mutual holding company to the stock holding company form of organization. The closing of the conversion and offering, which is expected to occur on January 24, 2013, remains subject to approval by the Company's shareholders at a meeting scheduled for January 24, 2013, as well as customary closing conditions.

New Northfield also intends to release the Company's earnings for the quarter and year ended December 31, 2012 following the close of business on January 24, 2013.

A total of 35,558,927 shares of common stock are expected to be sold in the subscription and community offerings at a price of $10.00 per share, including 1,422,357 shares of common stock to be purchased by the Northfield Bank Employee Stock Ownership Plan. All valid orders received in the subscription and community offerings are expected to be filled in full.  As part of the conversion, each existing share of Company common stock held by public shareholders will be converted into the right to receive 1.4029 shares of New Northfield common stock.  The exchange ratio ensures that, after the conversion and offering, the current public shareholders of the Company will maintain approximately the same ownership interest in New Northfield as they owned in the Company.  Cash will be issued in lieu of fractional shares based on the offering price of $10.00 per share.  Approximately 58,202,780 shares of New Northfield common stock will be outstanding after the completion of the offering and the exchange, before taking into account adjustments for fractional shares.   

New Northfield's common stock is expected to trade on the Nasdaq Global Select Market under the trading symbol "NFBK" beginning on January 25, 2013.

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