OceanFirst Financial has secured all regulatory and shareholders’ approvals related to two of its previously announced bank acquisitions.
In August, the US-based regional lender agreed to snap up Two River Bancorp and Country Bank Holding Company (CYHC). The combined value of the deal was around $285m.
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Last week, Two River shareholders green lighted the merger. The related regulatory approvals were already obtained.
This week, CYHC shareholders gave their ‘go-ahead’ to the transaction, facilitating the combination. All necessary regulatory approvals are already in place.
Both the acquisitions are now expected to close on or about 1 January 2020.
At the time of announcement of the two deals, OceanFirst chairman and CEO Christopher Maher said: “We believe the addition of these two high-performing franchises will further leverage the significant investments we have made in people, processes and technology and positively impact our earnings potential.
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By GlobalData“We look forward to continuing to provide our customers with extraordinary service and deliver enhanced value to our stockholders.”
OceanFirst Bank, the banking subsidiary of OceanFirst Financial, was founded in 1902. The $8.1bn regional bank operates across New Jersey, metropolitan Philadelphia and metropolitan New York City.
Once the two deals close, the combined company will boast $9.9bn in assets.
Last year, OceanFirst Financial made another acquisition in the form of Capital Bank of New Jersey. The deal valued $80m.
