Freehold Bank, Monmouth Co.'s Oldest, Acquired By Columbia Bank

FREEHOLD, NJ - Monmouth County’s oldest savings bank has recently signed a merger agreement to be acquired by another New Jersey bank.

According to a news release, Freehold Bank will be converted into a federal savings bank and operate as a wholly owned subsidiary under Fair Lawn-based Columbia Bank’s parent company, Columbia Financial Inc.

Columbia Bank has offered full employment to all current employees at the Freehold branch and will add a Freehold board of directors member following the merger, which is slated to complete two years after the completion of mergers of the holding companies, according to the release.

“We are excited to join with Columbia Bank, a leading New Jersey-based bank with shared culture and values,” Freehold Bank CEO and President James H. Wainwright said in a statement. “The merger will provide an opportunity for our customers to join a larger banking network, with expanded products and services, while employees will benefit from the opportunity to work for a rapidly-growing community bank. The support of the Columbia Bank Foundation will serve as an asset to our local community and charitable organizations.”

Columbia and the Columbia Bank Foundation will be supporting the charity organization serving the communities currently served by Freehold, the release reads.

As of March 2021, Freehold Bank touts $299.8 million assets, loans of $155.9 million, deposits of $197.2 million and equity capital of $39.5 million.