OceanFirst Financial, the holding company for OceanFirst Bank, closed its acquisitions of Two River Bancorp,the holding company for Two River Community Bank, and Country Bank Holding, the holding company for Country Bank.
The former operations of each of Two River and CYHC will operate as divisions of OceanFirst Bank until the integrations of their respective operating systems are completed, which are expected to occur separately during 2020. In conjunction with the full integration of each operating system, Two River and CYHC will each be rebranded as OceanFirst Bank.
OceanFirst is the largest community bank headquartered in central and southern New Jersey. With the addition of Two River and CYHC, OceanFirst will have assets of approximately $10.2 billion.
“We are pleased to start 2020 by welcoming the stockholders, customers and employees of Two River and Country Bank to our OceanFirst family,” said OceanFirst Chairman and Chief Executive Officer, Christopher D. Maher.
“With the addition of these two high performing organizations and our organic commercial lending expansion in the New York and Philadelphia metropolitan areas, OceanFirst is well positioned to continue to grow our business throughout 2020.”
Upon completion of the acquisition of Two River, the former shareholders of Two River became entitled to receive $5.375 in cash without interest and 0.6663 shares of OceanFirst common stock for each share of Two River common stock they held plus cash in lieu of any fractional shares of OceanFirst common stock. Based on the $25.54 per share closing price of OceanFirst common stock on December 31, 2019, the total transaction value for the Two River transaction was approximately $197 million (including options).
Upon the completion of the Two River transaction, William D. Moss, the former chairman, president and CEO of Two River, was appointed to the boards of directors of OceanFirst and OceanFirst Bank.
Upon completion of the acquisition of CYHC, the former shareholders of CYHC became entitled to receive 2,000 shares of OceanFirst common stock for each share of CYHC common stock they held. Based on the $25.54 per share closing price of OceanFirst common stock on December 31, 2019, the total transaction value for the CYHC acquisition was approximately $112.8 million. Joseph M. Murphy, Jr., the former president of CYHC, was appointed to the boards of directors of OceanFirst and OceanFirst Bank.
OceanFirst Financial subsidiary, OceanFirst Bank, founded in 1902, is a $10.2 billion regional bank operating throughout New Jersey, metropolitan Philadelphia and metropolitan New York City.