Printer Friendly

OceanFirst Financial completes Cape Bancorp acquisition.

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

(C)2016 ENPublishing -

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.

[Editorial queries for this story should be sent to]

((Distributed via M2 Communications -

COPYRIGHT 2016 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2016 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Date:May 3, 2016
Previous Article:Territorial Bancorp reports results, declares dividend.
Next Article:The Community Financial declares cash dividend.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |