Stewardship Financial Corporation Shareholders Approve Merger
October 03 2019 - 4:05PM
Stewardship Financial Corporation (Nasdaq:SSFN), parent company of
Atlantic Stewardship Bank, today announced that, at its special
meeting of shareholders held today, the shareholders of Stewardship
approved the previously-disclosed, contemplated merger with
Columbia Financial, Inc. Over 98% of the votes cast (or over
75% of the outstanding shares) voted in favor of the merger.
While other conditions to consummation of the merger remain,
Stewardship continues to anticipate that the closing will occur
this quarter.
About Stewardship Financial
CorporationStewardship Financial Corporation is a one-bank
holding company, incorporated under the laws of the State of New
Jersey in January of 1995, which serves as a holding company for
Atlantic Stewardship Bank. Stewardship’s primary business is
the ownership and supervision of Atlantic Stewardship Bank.
Stewardship, through Atlantic Stewardship Bank, conducts commercial
banking business and offers services including personal and
business checking accounts, time deposits, money market accounts
and regular savings accounts. Stewardship manages its business
through its main office located at 630 Godwin Avenue, Midland Park,
New Jersey, and through its twelve branch offices in Midland Park,
Hawthorne, Montville, Morristown, North Haledon, Pequannock,
Ridgewood, Waldwick, Wayne (2), Westwood and Wyckoff, New
Jersey. The Bank is known for tithing 10% of its pre-tax
profits to Christian and local charities. To date, the Bank’s
tithe donations total over $11.2 million. We invite you to
visit our website at www.ASBnow.bank for additional
information.
Forward-Looking
StatementsCertain statements herein constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and are intended to be
covered by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements may be identified by
words such as “believes,” “will,” “would,” “expects,” “project,”
“may,” “could,” “developments,” “strategic,” “launching,”
“opportunities,” “anticipates,” “estimates,” “intends,” “plans,”
“targets” and similar expressions. These statements are based upon
the current beliefs and expectations of the Corporation’s
management and are subject to significant risks and
uncertainties.
Actual results may differ materially from those
set forth in the forward-looking statements as a result of numerous
factors. The following factors, among others, could cause actual
results to differ materially from the anticipated results expressed
in the forward-looking statements: (i) governmental approvals of
the merger may not be obtained, or adverse regulatory conditions
may be imposed in connection with governmental approvals of the
merger or otherwise; (ii) the interest rate environment may further
compress margins and adversely affect new interest income; (iii)
the risks associated with continued diversification of assets and
adverse changes to credit quality; and (iv) changes in legislation,
regulations and policies. Additional factors that could cause
actual results to differ materially from those expressed in the
forward-looking statements are discussed in Stewardship’s reports
(such as the Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and Current Reports on Form 8-K) filed with the Securities and
Exchange Commission (the “SEC”) and available at the SEC’s Internet
website (www.sec.gov). All subsequent written and oral
forward-looking statements concerning the proposed transaction or
other matters attributable to Stewardship or any person acting on
their behalf are expressly qualified in their entirety by the
cautionary statements above. Except as required by law, Stewardship
does not undertake any obligation to update any forward-looking
statement to reflect circumstances or events that occur after the
date the forward-looking statement is made.
Contact: Claire M. Chadwick Executive Vice
President and Chief Financial Officer 630 Godwin Avenue Midland
Park, NJ 07432 P: 201.444.7100
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