OceanFirst Bank

Last updated
OceanFirst Bank, N.A.
Company type Public
Nasdaq:  OCFC
ISIN US6752341080
Industry
Founded1902;122 years ago (1902)
Headquarters Toms River, New Jersey, U.S.
Key people
RevenueIncrease2.svgUS$377.447 million (2022) [1]
Increase2.svgUS$193.922 million (2022) [2]
Increase2.svgUS$147.357 million (2022) [1]
Total assets Increase2.svgUS$13.103 billion (2022) [1]
Total equity Increase2.svgUS$1.585 billion (2022) [1]
Number of employees
958 [2]  (2022)
Website oceanfirst.com

OceanFirst Bank is an American regional bank subsidiary of the U.S. financial services holding company OceanFirst Financial Corp founded and headquartered in Ocean County, New Jersey, with operations throughout New Jersey, and in the major metropolitan markets of Philadelphia, New York City, Baltimore, and Boston. [3] [4]

Contents

The company offers checking and savings accounts, online and mobile banking, residential mortgages, commercial financing, and treasury management. [5]

History

When OceanFirst Bank opened its doors in 1902, it was founded as the Point Pleasant Building & Loan Association. In 1960, the name was changed to Ocean Federal Savings and Loan, establishing local operations until 1985 when business expansion took place into Middlesex County, NJ. [6]

In 1999 the name was changed from Ocean Federal Savings & Loan Association to OceanFirst Bank.

OceanFirst completed its initial public offering (IPO) converting from mutual to stock ownership in 1996, which included establishing a holding company. In 2018, OceanFirst became a bank holding company, OceanFirst Financial Corp, and the company completed the conversion of its charter from a federal savings bank to a national commercial bank. [7]

Acquisitions

OceanFirst Financial Corp. enhanced its organic growth efforts with acquisitions beginning in 2015. Since then, it has completed deals to acquire 7 different financial institutions in New Jersey, Philadelphia, and New York City. First was the acquisition of Colonial American Bank on July 31, 2015. [8] [9] Then, in January 2016, it agreed to buy Cape Bancorp, Inc. which was a bank with 22 branches and five loans offices, for $196 million. [10]

On November 30, 2016, OceanFirst Financial Corp. acquired, for $146 million, Ocean Shore Holding Co. including its subsidiary, Ocean City Home Bank, a community bank in Ocean City with 11 branches in Atlantic and Cape May counties . [10] [11] In 2018, it completed a $475 million acquisition of Sun Bancorp Inc., the holding company for Sun National Bank. [12] [13] In January 2019, it closed a $77 million acquisition deal of Capital Bank of New Jersey; under the deal, Capital Bank operated as a division of OceanFirst Bank until its customers and accounts were integrated into the OceanFirst operating system in the second quarter of 2019, at which time Capital Bank was rebranded as OceanFirst Bank. [14]

On January 1, 2020, OceanFirst Financial Corp. acquired Two River Bancorp and Country Bank Holding Company, Inc. in a transaction worth approximately $183 million and $102.2 million respectively. [15] Two River Bancorp was a full-service community bank operating 14 branch locations and 2 loan production offices in Monmouth, Ocean, Union and Essex Counties. Country Bank Holding Company Inc. provided banking services to small businesses and individuals through its network of five Country Bank branches located in the metropolitan New York market. [15] [16]

OceanFirst Foundation

In 1996, the bank established an independent charitable foundation named OceanFederal Foundation in 1996. In 1999, it became OceanFirst Foundation. The Foundation empowers non profit organizations to think bigger, solve more problems, and make life better in the neighborhoods served by OceanFirst Bank. Overall, more than 9,000 grants totaling approximately $46 million have been given out to over 1,200 organizations. [17]

Advertising

The first commercial naming rights for Monmouth University was announced in 2016. The name of the arena was changed from Multipurpose Activity Center to OceanFirst Bank Center following a multi-year naming rights sponsorship with OceanFirst. [18]

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References

  1. 1 2 3 4 "2022 Annual Report" (PDF). Retrieved 16 November 2023.
  2. 1 2 "2022 OFB 10-K" (PDF). Retrieved 16 November 2023.
  3. ↑ "History & Mission". OceanFirst Bank. Retrieved 2019-12-10.
  4. ↑ "OceanFirst Bank Locations". www.usbanklocations.com. Retrieved 2019-12-10.
  5. ↑ "OceanFirst Bank Website". OceanFirst Bank. Retrieved 16 November 2023.
  6. ↑ "OCFC Investor presentation" (PDF). SNL.
  7. ↑ "Bloomberg".
  8. ↑ "OceanFirst Financial Corp. Completes Acquisition of Colonial American Bank". New Jersey Business. Retrieved 2019-12-10.
  9. ↑ Diamond, Michael L. "OceanFirst to buy Colonial American". Asbury Park Press. Retrieved 2019-12-10.
  10. 1 2 "Bank completes $202M acquisition of South Jersey competitor". Philadelfia Business Journal. Retrieved 2019-12-10.
  11. ↑ "OceanFirst Financial Corp. and Ocean Shore Holding Co. Receive Stockholder Approvals for Merger". New Jersey Business. Retrieved 2019-12-10.
  12. ↑ "OceanFirst completes $475M acquisition of Sun Bancorp". Philadelfia Business Journal. Retrieved 2019-12-10.
  13. ↑ "OceanFirst Financial acquires Sun National Bank for $475m". Retail Banker International. Retrieved 2019-12-10.
  14. ↑ "OceanFirst closes $77M acquisition of South Jersey bank". Philadelfia Business Journal. Retrieved 2019-12-10.
  15. 1 2 "OceanFirst Financial to acquire Two River and CHYC for £236m". NS Banking. 2019-08-12. Retrieved 2019-12-10.
  16. ↑ Katz, Peter (2019-08-13). "Country Bank to merge with OceanFirst Bank". Westfair Communications. Retrieved 2019-12-10.
  17. ↑ "OceanFirst Foundation" . Retrieved 16 November 2023.
  18. ↑ Newman, Josh. "OceanFirst pays to put name on Monmouth's MAC". Asbury Park Press. Retrieved 2019-12-27.
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