N.J.-based OceanFirst bank announces merger, major expansion into New York
NJ.com••business
Key Points:
- OceanFirst Financial Corp. is merging with Flushing Financial Corporation to create a regional bank with $23 billion in assets, serving New Jersey, Long Island, and New York markets, with the deal expected to close in Q2 2024.
- The all-stock transaction values Flushing at $579 million, with Flushing shareholders receiving 0.85 shares of OceanFirst stock per share, resulting in former Flushing shareholders owning about 30% of the combined company.
- Investment firm Warburg Pincus is committing $225 million in new equity, acquiring approximately 12% ownership, while existing OceanFirst shareholders will hold around 58% post-merger.
- The combined bank will operate 71 branches, hold roughly $17 billion
