Daily News: February 1, 2018

OceanFirst Completes Acquisition of Sun Bancorp

OceanFirst Financial, holding company for OceanFirst Bank, acquired Sun National Bank’s holding company Sun Bancorp. OceanFirst also converted from a federal savings bank to a national commercial bank.

Sun National will continue to operate as a division of OceanFirst Bank until the integration of operating systems is completed in June 2018. At that time, the former operations of Sun National will be rebranded as OceanFirst.

OceanFirst is currently the largest community bank headquartered in central and southern New Jersey with approximate assets of $7.6 billion, loans of $5.5 billion, and deposits of $6 billion, as of December 31, 2017.

“We are pleased to welcome the Sun customers and employees as OceanFirst continues our strategic growth with our fourth whole bank acquisition,” said Christopher D. Maher, OceanFirst chairman, president and CEO. “The completion of this acquisition reflects many milestones for our organization including the conversion of OceanFirst Bank to a national commercial bank charter.”