Red Bank-based OceanFirst Financial Corp., parent of OceanFirst Bank, announced Friday it has closed on its previously announced $80 million acquisition of Vineland-based Capital Bank of New Jersey.
Under the deal, Capital Bank will operate as a division of OceanFirst Bank until a new operating system is integrated in the second quarter of 2019. Once that happens, Capital Bank will be rebranded as OceanFirst Bank.
With the addition of CapitalBank, OceanFirst will have approximately $8 billion in assets, it said.
“We are excited to welcome the Capital Bank of New Jersey customers, employees and stockholders to our OceanFirst family,” Christopher D. Maher, OceanFirst chairman and CEO, said.
“The addition of Capital customers enhances the OceanFirst market share in Cumberland County to 34 percent and in Atlantic County to 24 percent. We look forward to serving our neighbors in these communities with extraordinary financial products and services.”
When the merger is complete, Capital Bank stockholders will receive 1.25 shares of OCFC common stock for each share of Capital Bank common stock they own. Former shareholders of Capital Bank will be eligible to participate in OceanFirst’s previously announced quarterly cash dividend of $0.17 per share of OCFC common stock that is payable to shareholders of record as of Feb. 4.
