OceanFirst Financial has signed two separate definitive agreements to acquire Two River Bancorp and Country Bank Holding Company (CYHC).
The deals, together, value around $285m.
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OceanFirst acquisitions: Details
As a part of the deals, Two River Bancorp-subsidiary Two River Community Bank and CYHC-subsidiary Country Bank will merge with OceanFirst Bank.
Established in 2000, Two River is a full-service community bank with 14 branch locations and two loan production offices. It had $1.2bn in assets as of 30 June 2019.
Under the terms of the agreement, Two River shareholders will receive 0.6663 shares of OceanFirst common stock and $5.375 in cash for each share. The overall transaction values $182.8m in aggregate.
On the other hand, CYHC shareholders will receive 2,000 shares of OceanFirst common stock for each outstanding share. The transaction carries an aggregate value of $102.2m.
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By GlobalDataCYHC was established in 1988 and offers banking services through five branches located in the metropolitan New York market.
Once the transactions are completed, the combined company will have $9.9bn in assets, $7.5bn in loans and $7.7bn in deposits.
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.
“We look forward to continuing to provide our customers with extraordinary service and deliver enhanced value to our stockholders.”
Both the transactions are expected to close in the first quarter of 2020, subject to customary closing conditions and regulatory approvals.
Last year, OceanFirst Financial signed a deal to acquire Capital Bank of New Jersey for $80m.
