OceanFirst Financial Corp., the holding company for OceanFirst Bank, today announced that its acquisition of Colonial American Bank was completed on July 31, 2015. In accordance with the Agreement and Plan of Merger dated February 25, 2015, Colonial merged with and into OceanFirst Bank.
The combined Company has assets of approximately $2.5 billion. Under the terms of the agreement, each outstanding share of Colonial common stock was exchanged for 0.3658 shares of OceanFirst common stock. OceanFirst Financial Corp. issued 660,098 shares of its common stock in this transaction, for an aggregate transaction value of $11.9 million to Colonial stockholders, option holders and warrant holders (based on the closing price of the Company’s stock on the closing date).
OceanFirst President and Chief Executive Officer Christopher D. Maher commented on the merger, “We are pleased to welcome Colonial American’s customers, employees and stockholders to the OceanFirst family. Over the next several months we will be completing the systems integration which will allow us to fully maximize this opportunity to enhance our presence in the attractive Monmouth County market.”
OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank, founded in 1902, is a community bank with $2.5 billion in assets and twenty-six branches located in Ocean, Monmouth and Middlesex Counties, New Jersey. The Bank delivers commercial and residential financing solutions, wealth management, and deposit services throughout the central New Jersey region and is the largest and oldest financial institution headquartered in Ocean County.Related Articles: