OceanFirst Financial, the holding company for OceanFirst Bank, will not go through with its announced merger with Partners Bancorp, the parent company of The Bank of Delmarva, effective immediately.
The two companies made the announcement Wednesday morning in a joint statement.
The termination was approved by both companies’ boards of directors after careful consideration of the proposed merger and the progress made toward completing the proposed merger. In addition, each party has agreed to bear its own costs incurred to date and no termination fee will apply for either party.
The merger was originally announced on Nov. 4, 2021.