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OceanFirst Financial Corp. has completed its merger with Flushing Financial Corp. The milestone creates a regional banking franchise with 71 branches across New Jersey, New York, Long Island and Pennsylvania.

The parties completed the transaction June 1 after markets closed. The deal also included a $225 million strategic investment from Warburg Pincus that closed concurrently with the merger.

The combined company will operate under the OceanFirst brand, expanding its presence across key Northeast markets. Following the merger’s completion, trading in Flushing Financial shares was suspended after Monday’s market close. The company has also requested the withdrawal of its stock from Nasdaq as part of the delisting process.

“Today marks an important milestone in our growth strategy and the next chapter for our combined organization,” said OceanFirst CEO Christopher Maher. “This combination pairs Flushing’s deeply rooted, 95-year community franchise with OceanFirst’s relationship-driven business model, expanded capabilities, and broader product set, and immediately scales our presence in the deposit-rich markets of Long Island and the New York City boroughs.”

Adding a long-term capital partner

The merger was first announced in December as a roughly $579 million all-stock transaction. The move significantly expands OceanFirst’s presence in the New York metropolitan market.

Under the terms of the merger agreement, Flushing shareholders received 0.85 shares of OceanFirst common stock for each share of Flushing common stock, plus cash in lieu of fractional shares.

Maher said the addition of Warburg Pincus strengthens the company’s long-term growth prospects.

“By adding Warburg Pincus as a long-term capital partner, we are well positioned to deliver enhanced value to our clients, accelerate profitable growth, and create meaningful long-term value for our shareholders,” he said.

The merger also reshapes the company’s leadership structure.

Former Flushing President and CEO John Buran joins OceanFirst as non-executive chairman of the board. The combined company’s 17-member board includes 10 directors from OceanFirst, six from Flushing and one representative from Warburg Pincus.

“We are pleased to welcome these accomplished leaders to our Board,” said Maher. “They bring deep industry experience and strong knowledge of the New York and Long Island markets, and their insight will be invaluable as we deliver on the long-term potential of the combined franchise.”

In conjunction with the closing, OceanFirst also announced a $5 million contribution to the OceanFirst Foundation. The funds will support nonprofit organizations throughout the combined company’s markets, including New York and Long Island.