MergerJun 1, 2026, 05:19 PM
OceanFirst Completes Merger with Flushing; $225M Warburg Pincus Investment
AI Summary
OceanFirst Financial Corp. announced the completion of its merger with Flushing Financial Corporation, effective June 1, 2026. This strategic combination creates an approximately $23 billion regional bank with 71 retail branches across New Jersey, New York, Long Island, and Pennsylvania. Concurrently, OceanFirst also finalized a $225 million strategic investment from affiliates of Warburg Pincus LLC. John Buran, former President and CEO of Flushing, has joined OceanFirst as non-executive Chairman of the Board, which now comprises 17 directors.
Key Highlights
- OceanFirst completed its merger with Flushing Financial Corporation on June 1, 2026.
- Received a $225 million strategic investment from Warburg Pincus LLC affiliates.
- The combined company is an approximately $23 billion regional bank.
- Operates 71 retail branches across New Jersey, New York, Long Island, and Pennsylvania.
- Flushing shareholders received 0.85 shares of OceanFirst common stock per share.
- John Buran, former Flushing CEO, appointed non-executive Chairman of OceanFirst's Board.
- Board of directors expanded to 17 members, including 1 from Warburg Pincus.
- OceanFirst will contribute $5 million to the OceanFirst Foundation.
Price Impact
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