OceanFirst Financial, Central Jersey Bancorp scrap May merger plans

By Lisa Kerner

Charlotte, N.C., Dec. 18 - OceanFirst Financial Corp. and Central Jersey Bancorp terminated their May 26, 2009 agreement and plan of merger without penalty to either company, it was announced on Friday.

Regulatory approval hasn't been obtained, so the merger cannot be completed by Dec. 31 as required under the merger agreement, the companies said.

As previously reported, Central Jersey had planned to merge with and into OceanFirst in a deal that would have given Central Jersey common stockholders half of a share of OceanFirst common stock for each common share of Central Jersey held.

The transaction was valued at approximately $7.12 per share, or $68.4 million, when it was announced.

OceanFirst, based in Toms River, N.J., is the holding company for OceanFirst Bank.

Central Jersey is a bank holding company based in Oakhurst, N.J.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.