TOMS RIVER and CAPE MAY COURT HOUSE – OceanFirst Financial Corp. (“OceanFirst”) (NASDAQ:OCFC), headquartered in Toms River, New Jersey, and Cape Bancorp, Inc. (“Cape”) (NASDAQ:CBNJ), headquartered in Cape May Court House, New Jersey, jointly announced that the companies have received the requisite stockholder approvals for the merger of the two companies that was announced on January 5, 2016. As previously announced, the required regulatory approvals for the proposed transaction have been obtained. OceanFirst and Cape expect the transaction to close on May 2, 2016.
Upon completion of the transaction, it is estimated that OceanFirst and Cape will have combined assets of $4.2 billion, loans of $3.2 billion, and deposits of $3.2 billion. The combined company is expected to have 50 branches throughout Ocean, Monmouth, Middlesex, Atlantic, Cape May, Cumberland and Gloucester counties, New Jersey.
OceanFirst President and Chief Executive Offer, Christopher D. Maher, said, “We are pleased to announce all of the necessary approvals to complete the merger with Cape have been received, including the overwhelming support of the stockholders of both companies. We look forward to welcoming the Cape stockholders, customers and employees into the OceanFirst family on May 2nd and appreciate the opportunity to serve our neighbors in communities throughout central and southern New Jersey.”
Cape President and Chief Executive Officer, Michael D. Devlin, added, “I am excited that we will be merging the Cape organization with OceanFirst to create the largest New Jersey based community bank operating in the central and southern area of our state. Our combined presence will allow us to provide added value to our customers, the communities we serve, and our stockholders for many years to come.”
About OceanFirst Financial Corp.
OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank, founded in 1902, is a community bank with $2.6 billion in assets and 28 branches located in Ocean, Monmouth and Middlesex Counties, New Jersey. OceanFirst Bank delivers commercial and residential financing solutions, wealth management, and deposit services throughout the central New Jersey region and is the largest and oldest community-based financial institution headquartered in Ocean County, New Jersey.
About Cape Bancorp, Inc.
Cape Bancorp, Inc. is the holding company for Cape Bank, a full service institution providing a complete line of high quality banking services to small and mid-sized businesses, professionals and individuals located in its primary market area of Atlantic, Cape May, Cumberland and Gloucester Counties, New Jersey. Cape Bank offers a full menu of deposit and lending options designed to fit any need. The goal of Cape Bank is to develop strong customer relationships providing these services through its 22 branches. Cape Bancorp, Inc. is headquartered in Cape May Court House, New Jersey.
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