The new year is bringing new customers and locations to OceanFirst Bank, which said it closed two acquisitions. The mergers, first announced in August, received approvals in December.
Effective Jan. 1, 2020, Tinton Falls-based Two River Community Bank and New York’s Country Bank are part of OceanFirst Financial Corp., the holding company for OceanFirst Bank announced, boosting its total assets to approximately $10.2 billion.
Based on the Dec. 31, 2019 share closing price for OceanFirst common stock, the bank said the total value for the Two River transaction was approximately $197 million, including options; the total transaction value for the Country Bank deal was approximately $112.8 million.
“We look forward to delivering our exceptional banking services to the newest customers of OceanFirst Bank,” said OceanFirst President and CEO Christopher Maher. – OCEANFIRST BANK
“We are pleased to start 2020 by welcoming the stockholders, customers and employees of Two River and Country Bank to our OceanFirst family,” OceanFirst Chairman and Chief Executive Officer Christopher Maher said in a prepared statement. “With the addition of these two high performing organizations and our organic commercial lending expansion in the New York and Philadelphia metropolitan areas, OceanFirst is well positioned to continue to grow our business throughout 2020.”
According to OceanFirst, the deal makes it the largest community bank headquartered in Central and South Jersey.
Two River and Country Bank will both rebrand as OceanFirst Bank, but will function as divisions of the institution until operating system integration is complete for both. OceanFirst said that process is expected to occur separately sometime in 2020.
Effective along with the completion of the Two River deal, that bank’s former chairman, president and CEO, William Moss, was appointed to the boards of directors of OceanFirst and OceanFirst Bank. Joseph Murphy Jr., former Country Bank president, was also appointed to the boards.
