OceanFirst Financial Corp., the Toms River-based parent of OceanFirst Bank, is acquiring Sun Bancorp Inc., the Mount Laurel-based parent of Sun National Bank, for about $25.27 per Sun common share, roughly $487 million.

“This is an extraordinary opportunity for OceanFirst, and we are very excited to welcome Sun customers and employees to the OceanFirst family,” Christopher D. Maher, OceanFirst’s chairman, CEO and president, said in a prepared statement. “With overlapping market footprints and shared focus on the community bank business model, OceanFirst and Sun can leverage the strength of the combined company to create a premier New Jersey community banking institution.”

Under the definitive agreement, Sun will merge with and into OceanFirst, on both bank and holding company levels. OceanFirst would pay about 15.1 million shares of common stock and $72.5 million in cash in the deal. A Sun shareholder would receive 0.7884 of a share of OceanFirst common stock and $3.78 in cash for each share of Sun common stock.

“We consider OceanFirst an ideal partner due to the strategic benefits a combination will provide for all Sun stakeholders,” Thomas M. O’Brien, Sun’s CEO and president, said in a statement. “… I am proud of the great strides our institution has made since 2014, and we are excited about the opportunity for Sun’s employees to continue growing by partnering with OceanFirst to create the premier community banking franchise in New Jersey.”

This is the latest in a series of takeovers for OceanFirst, which recently completed the acquisitions of Cape Bancorp Inc. and Ocean Shore Holding Co.

Sun operates more than 30 banking centers across 11 New Jersey counties, as well as lending offices in New Jersey and New York City.

The combined bank would have about $7.5 billion in assets, $5.9 billion in deposits and $5.4 billion in gross loans. It would operate more than 60 banking locations after the banks are integrated.

Both boards of directors have approved the deal.

Pipper Jaffray & Co. is OceanFirst’s financial adviser, and rendered a fairness opinion to its board. Skadden, Arps, Slate, Meagher & Flom LLP is OceanFirst’s legal counsel.

Sandler O’Neill Partners LP is Sun’s financial adviser, and rendered a fairness opinion to its board. Wachtell, Lipton, Rosen & Katz is Sun’s legal counsel.