Northfield Bancorp, Inc. Postpones Stock Offering
September 30 2010 - 4:15PM
Northfield Bancorp, Inc. (Nasdaq:NFBK), a federal corporation and
the stock holding company for Northfield Bank, announced today that
Northfield Bancorp, Inc., the recently formed Delaware corporation
and proposed new holding company for Northfield Bank, has postponed
its stock offering in connection with the second-step conversion of
Northfield Bancorp, MHC due to current unfavorable market
conditions.
John W. Alexander, Chairman and Chief Executive Officer
commented: "Since we began our offering earlier this year, market
conditions for financial stocks, including second-step conversions,
have weakened substantially, resulting in lower appraisal levels
and decreased investor demand. Our Board of Directors
continues to believe that the stock holding company structure will
best position Northfield to execute its long-term business
strategy, and will continue to evaluate market conditions for
second-step conversions in the future."
Mr. Alexander continued: "Northfield Bancorp, Inc. and
Northfield Bank remain very well capitalized and the postponement
of the offering should not affect the execution of our current
business plan."
In accordance with regulatory requirements, all persons who
submitted orders in the subscription and community offerings will
have their subscriptions cancelled and funds returned with interest
or deposit holds released.
Northfield Bancorp, Inc. also announced that the members of
Northfield Bancorp, MHC had approved the Plan of Conversion and
Reorganization.
About Northfield Bancorp, Inc.
Northfield Bancorp, Inc. is the holding company for Northfield
Bank. Northfield Bank was founded in 1887 and operates 19 full
service banking offices in Staten Island, New York, Brooklyn, New
York and Middlesex and Union counties, New Jersey. For more
information about Northfield, please visit www.eNorthfield.com.
This press release contains certain forward-looking statements
about the conversion and reorganization. Forward-looking
statements include statements regarding anticipated future events
and can be identified by the fact that they do not relate strictly
to historical or current facts. They often include words such
as "believe," "expect," "anticipate," "estimate," and "intend" or
future or conditional verbs such as "will," "would," "should,"
"could," or "may." Forward-looking statements, by their
nature, are subject to risks and uncertainties. Certain
factors that could cause actual results to differ materially from
expected results include, but are not limited to, increased
competitive pressures, changes in the interest rate environment,
general economic conditions or conditions within the securities
markets, and legislative and regulatory changes that could
adversely affect the business in which Northfield Bancorp, Inc. and
its subsidiaries are engaged.
A registration statement relating to these securities
has been filed with the United States Securities and Exchange
Commission. This press release is neither an offer to sell nor
a solicitation of an offer to buy common stock. The offer will
be made only by means of the written prospectus forming part of the
registration statement.
The shares of common stock are not savings accounts or
savings deposits, may lose value and are not insured by the Federal
Deposit Insurance Corporation or any other government
agency.
CONTACT: Northfield Bancorp, Inc.
Steven M. Klein, Chief Financial Officer
(732) 499-7200 ext. 2510
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