OceanFirst Financial Corp. Acquires Sun Bancorp, Inc.

On Feb 1, 2018

OceanFirst Financial Corp. (OceanFirst) announced the closing of its acquisition of Sun Bancorp, Inc. (Sun). OceanFirst is the holding company for OceanFirst Bank, and Sun was the holding company for Sun National Bank. In addition, OceanFirst has become a bank holding company as a result of the conversion of OceanFirst Bank’s charter from a federal savings bank to a national commercial bank named OceanFirst Bank N.A.

The former operations of Sun National Bank will operate as a division of OceanFirst Bank N.A. until the integration of operating systems is completed, which is expected to occur in June 2018.  At that time, the former operations of Sun National Bank will be rebranded as OceanFirst Bank N.A.

OceanFirst is the largest community bank headquartered in central and southern New Jersey with an approximate pro-forma balance sheet at December 31, 2017 as follows:  assets of $7.6 billion, loans of $5.5 billion, and deposits of $6.0 billion.

OceanFirst Chairman, President and Chief Executive Officer, Christopher D. Maher, said, “We are pleased to welcome the Sun customers and employees as OceanFirst continues our strategic growth with our fourth whole bank acquisition.  The completion of this acquisition reflects many milestones for our organization including the conversion of OceanFirst Bank to a national commercial bank charter.” Maher added, “Our commitment to delivering extraordinary customer care with exceptional financing solutions and banking services throughout our market while creating additional value for our stockholders remains the focus for our entire OceanFirst team.”

Based on the $26.45 per share closing price of OceanFirst common stock on January 31, 2018, the total transaction value was approximately $475 million.

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