OceanFirst completes deal for Sun Bancorp

OceanFirst Financial Corp. announced that it has completed its acquisition of Sun Bancorp Inc., which will eventually lead to a rebranding of Sun National Bank as OceanFirst Bank.

The Toms River-based company is the holding company for OceanFirst Bank, while Mount Laurel-based Sun was the holding company for Sun National. In a related move, OceanFirst has become a bank holding company under the conversion of its charter from a federal savings bank to a national commercial bank, OceanFirst Bank N.A.

Sun National will operate as a division of OceanFirst Bank N.A. until a systems integration is complete, likely in June. Once the integration is complete, the rebranding will take place.

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

The transaction is valued at approximately $475 million.