New Jersey-based OceanFirst Financial, parent of OceanFirst Bank, has agreed to acquire local firm Sun Bancorp, parent of Sun National Bank, in a deal worth about $487m.

Sun National Bank will merge with and into OceanFirst Bank as part of the deal.

The merged entity would manage around $7.5bn in total assets, $5.9bn in total deposits, $5.4bn in gross loans, and have over 60 banking locations.

OceanFirst expects to incur one-time pre-tax merger and integration expenses of around $46m as part of the deal.

OceanFirst chairman, president and CEO Christopher Maher said: “With overlapping market footprints and shared focus on the community bank business model, OceanFirst and Sun can leverage the strength of the combined company to create a premier New Jersey community banking institution.”

The deal already secured the approval of both companies’ boards of directors and is expected to be completed in early first quarter of 2018, subject to shareholder and regulatory approvals.

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“This transaction allows us to gain further market share across our existing central and southern New Jersey footprint, while also supporting growth with Sun’s operations in close proximity to the key metropolitan markets of Philadelphia and New York City. Sun’s strong core deposit franchise and the significant efficiency opportunities presented by an in-market merger make this a very compelling combination,” Maher added.