OceanFirst Financial Corp., the parent company of Toms River-based OceanFirst Bank, has closed on two separate bank deals for approximately $309.8 million.
Two River Bancorp, the holding company for Tinton Falls-based Two River Community Bank and Country Bank Holding Company Inc., the holding company for New York-based Country Bank were both acquired by OceanFirst, the Red Bank-based regional banking institution announced on Thursday.
Under the transactions, Two River and CYHC will operate as divisions of OceanFirst Bank until their operating systems are fully integrated. Once that is complete, Two River and CYHC will each be rebranded as OceanFirst Bank.
With the addition of the two banks, OceanFirst said it 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. 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. We look forward to delivering our exceptional banking services to the newest customers of OceanFirst Bank,” Christopher D. Maher, chairman and CEO, OceanFirst, said.
Once the Two River deal is complete, former Two River shareholders will receive $5.375 and 0.6663 shares of OceanFirst common stock for each share of Two River they own. Once the CYHC acquisition is finalized, former CYHC shareholders will be entitled to receive 2,000 shares of OceanFirst common stock for each share of CYHC they own.
The Two River transaction is valued at approximately $197 million and the total transaction value for the CYHC deal was around $112.8 million. Both amounts were higher than when the deal was originally announced.
William D. Moss, former chairman, CEO and president of Two River and Joseph M. Murphy Jr., former president of CYHC, will be appointed to the board of directors of OceanFirst and OceanFirst Bank once the deal is finalized.