OceanFirst Financial Corp. Completes Acquisition of Ocean Shore Holding Co.

TOMS RIVER – OceanFirst Financial Corp. (“OceanFirst”) announced Nov. 30 the closing of its acquisition of Ocean Shore Holding Co. (“Ocean Shore”). OceanFirst is the holding company for OceanFirst Bank, and Ocean Shore was the holding company for Ocean City Home Bank.
According to a release, as a result of the acquisition, Ocean City Home Bank will operate as a division of OceanFirst Bank until the integration of the operating systems is completed, which is expected to occur in the Spring of 2017.
In conjunction with the full integration of the operating systems, Ocean City Home Bank will be rebranded as OceanFirst Bank.
OceanFirst is the largest community bank headquartered in central and southern New Jersey with assets of $5.2 billion, net loans of $3.8 billion, and deposits of $4.2 billion. OceanFirst is the fourth largest New Jersey-based banking institution by deposit market share.
OceanFirst President and Chief Executive Officer, Christopher D. Maher, stated, “We welcome the Ocean City Home customers and employees to OceanFirst. With the addition of Ocean Shore, we continue to enhance the strategic growth that began earlier this year with the acquisition of Cape Bancorp, Inc. and reinforce our commitment to delivering extraordinary customer care and community banking services to our neighbors in Southern New Jersey.
“We remain focused on offering exceptional financing solutions and banking services with local decision-making to all of the OceanFirst customers while providing enhanced value to our stockholders.”
Upon completion of the merger, the former stockholders of Ocean Shore became entitled to receive $4.35 in cash, without interest, and 0.9667 shares of OCFC common stock for each share of OSHC common stock they held plus cash in lieu of any fractional shares of OCFC common stock.
Based on the $23.72 per share closing price of OCFC common stock on November 30, 2016, the total transaction value was approximately $202 million.
In accordance with the terms of the merger agreement, Steven E. Brady, president and chief executive officer of Ocean Shore will serve as vice chairman of the Southern Division.