OceanFirst Financial Corp., the holding company for OceanFirst Bank N.A., announced the closing on its purchase of Capital Bank of New Jersey.
As a result of the acquisition, Capital Bank will operate as a division of OceanFirst Bank until the integration of operating systems is completed, which is expected to occur in the second quarter of 2019. In conjunction with the full integration of the operating systems, Capital Bank will be rebranded as OceanFirst Bank.
The banks’ merger was announced in Oct. 2018.
OceanFirst is the largest community bank headquartered in central and southern New Jersey. As of Dec. 31, 2018 its approximate balance sheet reflected assets of $7.5 billion, loans of $5.6 billion, and deposits of $5.8 billion. With the addition of Capital Bank, OceanFirst will have assets of approximately $8 billion.
Upon completion of the merger, the former stockholders of Capital Bank became entitled to receive 1.25 shares of OCFC common stock for each share of Capital Bank common stock they held, plus cash in lieu of any fractional shares of OCFC common stock. The former stockholders of Capital Bank also became eligible to participate in OceanFirst’s previously announced regular quarterly cash dividend of $0.17 per share of OCFC common stock that is payable to OceanFirst stockholders of record as of Feb. 4.
Based on the $24.05 per share closing price of OCFC common stock on Jan. 30 the total transaction value was approximately $76.96 million, including options.