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OceanFirst Financial completes Cape Bancorp acquisition.

Global Banking News-May 3, 2016--OceanFirst Financial completes Cape Bancorp acquisition

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Global Banking News - 03 May 2016

OceanFirst Financial Corp. (NASDAQ: OCFC), the holding company for OceanFirst Bank, has announced the closing of its acquisition of Cape Bancorp Inc.

Following the acquisition, Cape Bank will operate as a division of OceanFirst Bank until the integration of operating systems is completed, which is expected in October 2016. Alongside the full integration of the operating systems, Cape Bank, will become a division of OceanFirst Bank and will be rebranded as OceanFirst Bank.

With assets of USD4.2bn, loans of USD3.2bn, and deposits of USD3.2bn, OceanFirst Bank has 50 branches throughout Ocean, Monmouth, Middlesex, Atlantic, Cape May, Cumberland and Gloucester counties, New Jersey.

Upon completion of the merger, the former stockholders of Cape became entitled to receive USD2.25 in cash, without interest, and 0.6375 of a share of OCFC common stock plus cash in lieu of any fractional shares of OCFC common stock.

OceanFirst Bank delivers commercial and residential financing solutions, wealth management, and deposit services.

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Publication:Global Banking News (GBN)
Date:May 3, 2016
Words:205
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