OceanFirst Financial, the parent of OceanFirst Bank, has agreed to acquire Capital Bank of New Jersey, in an all-stock transaction valued at about $80m.
Capital Bank, established in 2007, has four offices in Cumberland, Gloucester, and Atlantic counties as well as a loan production office in Burlington County. The firm manages $495.3m in assets.
Under the agreement, Capital Bank will merge into OceanFirst Bank following completion of the deal.
As per the agreed terms of the deal, Capital Bank shareholders will be entitled to receive 1.25 shares of OceanFirst common stock for each share held.
OceanFirst Financial chairman and CEO Christopher Maher said: “We are excited for Capital Bank stakeholders to join the OceanFirst family, and we will use our shared knowledge of Southern New Jersey and the greater Philadelphia metro area to continue to enhance our leadership in these core markets.
“This transaction reflects a financially attractive in-market acquisition with low-risk that aligns with OceanFirst’s strategic objectives. We look forward to continuing to provide our clients best-in-class service and delivering enhanced value to our shareholders.”
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Pending approvals by shareholders and regulatory approvals, the transaction is likely to conclude during the first quarter of 2019. The deal already secured the go-ahead from the two companies’ boards.