OceanFirst Financial Corp. signed two separate definitive merger agreements, the company announced Friday.
The Red Bank financial institution signed an agreement to merge with Tinton Falls-based Two River Community Bank, and OceanFirst also signed an agreement to merge with New York-based Country Bank Holding Co. Inc.
The combined banks will retain the OceanFirst name.
“We believe the addition of these two high-performing franchises will further leverage the significant investments we have made in people, processes and technology and positively impact our earnings potential,” said OceanFirst Chairman and Chief Executive Officer Christopher Maher. “We look forward to continuing to provide our customers with extraordinary service and deliver enhanced value to our stockholders.”
The combined company is expected to have pro forma approximately $9.9 billion in assets, $7.5 billion in loans, and $7.7 billion in deposits.
The proposed acquisition would expand OceanFirst’s retail branch footprint into New York City.
Both mergers are expected to close in the first quarter of 2020, subject to receiving requisite approval of its shareholders, receipt of all required regulatory approvals, and fulfillment of other customary closing conditions.