Columbia Financial, Inc. (NASDAQ: CLBK) has commenced a firm commitment underwritten public offering of common stock at $10.00 per share as part of its second-step conversion process, according to a press release.

The offering covers shares not subscribed for in the company's subscription offering. Columbia Financial received approximately $1.1 billion in subscription orders, excluding shares to be issued to Columbia Bank's employee stock ownership plan. As a result, the company expects to sell between approximately $281 million and $769 million of common stock in the underwritten offering.

Keefe, Bruyette & Woods, Inc., a Stifel company, will serve as lead-left book running manager. Piper Sandler & Co. will act as co-book running manager, and Brean Capital, LLC will serve as co-manager.

Completion of the second-step conversion remains subject to receipt of all required final regulatory approvals, including a final independent appraisal, and the sale of at least 142,375,000 shares of common stock. That total includes shares that may be issued as merger consideration to stockholders of Northfield Bancorp, Inc.

Columbia Bank is a federally chartered savings bank headquartered in Fair Lawn, New Jersey, operating 70 full-service banking offices.