MergerJun 1, 2026, 05:14 PM
OceanFirst Completes Merger with Flushing Financial; Secures $225M Investment
AI Summary
OceanFirst Financial Corp. announced the completion of its merger with Flushing Financial Corporation, creating a scaled regional bank with 71 retail branches across New Jersey, New York, Long Island, and Pennsylvania. Concurrently, OceanFirst completed a $225 million strategic investment from Warburg Pincus. The combination aims to accelerate profitable growth and enhance value for clients and shareholders, with John Buran, former Flushing CEO, joining OceanFirst's board as non-executive Chairman.
Key Highlights
- OceanFirst completed its merger with Flushing Financial Corporation.
- OceanFirst secured a $225 million strategic investment from Warburg Pincus affiliates.
- The combined company operates 71 retail branches across New Jersey, New York, Long Island, and Pennsylvania.
- Flushing shareholders received 0.85x of OceanFirst common stock for each Flushing share.
- John Buran, former Flushing CEO, joined OceanFirst as non-executive Chairman of the Board.
- The combined board consists of 17 directors: 10 from OceanFirst, 6 from Flushing, and 1 from Warburg Pincus.
- OceanFirst will contribute $5 million to the OceanFirst Foundation.
Price Impact
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