By Lisa Kerner
Charlotte, N.C., May 27 - OceanFirst Financial Corp. and Central Jersey Bancorp agreed to merge in an all-stock transaction valued at $68.4 million, it was announced on Wednesday.
Under the agreement and plan of merger, Central Jersey will merge with and into OceanFirst in a deal that gives Central Jersey common stockholders 0.5 shares of OceanFirst common stock for each common share of Central Jersey held.
The transaction is valued at approximately $7.12 per share based on OceanFirst's closing price on Tuesday.
OceanFirst chairman, president and chief executive officer John R. Garbarino will continue in those roles for the combined company. Central Jersey chairman, president and CEO James S. Vaccaro will become an executive vice president and a member of the senior executive management team at OceanFirst Bank.
The board of directors of OceanFirst and OceanFirst Bank will be expanded to include two current independent members of Central Jersey's board, the companies said.
"Central Jersey Bank's branch network logically expands our footprint into adjacent and attractive markets, allowing us to better serve the coastal area of New Jersey," Garbarino said in a joint news release.
"We feel that this combination will help us improve our near and long-term earnings prospects and position us to compete effectively as a larger, stronger community bank, with enhanced franchise value and growth potential," Garbarino said.
The combined company will have approximately $2.5 billion in combined assets and approximately $1.7 billion in deposits.
Keefe, Bruyette and Woods, Inc. advised OceanFirst, and Sandler O'Neill & Partners, LP advised Central Jersey.
OceanFirst, based in Toms River, N.J., is the parent holding company for OceanFirst Bank.
Central Jersey is a bank holding company based in Oakhurst, N.J.
| Acquirer: | OceanFirst Financial Corp.
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| Target: | Central Jersey Bancorp
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| Announcement date: | May 27
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| Price per share: | 0.5 shares of OceanFirst common stock
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| Expected closing: | Upon approvals
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| Stock price of acquirer: | Nasdaq: OCFC: $14.23 on May 26
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| Stock price of target: | Nasdaq: CJBK: $5.10 on May 26
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