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OceanFirst Bank, N.A.
Company typePublic
Nasdaq: OCFC
ISINUS6752341080
Industry
Founded1902; 123 years ago (1902)
HeadquartersToms River, New Jersey, U.S.
Key people
RevenueIncrease US$240.502 million (2018)[1]
Increase US$85.502 billion (2018)[1]
Increase US$71.932 million (2018)[1]
Total assetsIncrease US$7.516 billion (2018)[1]
Total equityIncrease US$0.984 billion (2018)[1]
Number of employees
675[2] (2018)
WebsiteOceanFirst.com

OceanFirst Bank, N.A. is an American regional bank subsidiary of the U.S. financial services holding company OceanFirst Financial Corp founded and headquartered in Ocean County, New Jersey, with operations throughout New Jersey, metropolitan Philadelphia, and metropolitan New York City.[3][4][5]

The Company offers online banking, current accounts, mobile banking, personal loans, debit cards, e-banking, mortgage loan, commercial lending, cash management, and insurance services.[6]

History

OceanFirst Bank traces its history back to 1902 in Point Pleasant Beach, NJ, Ocean County, where it was founded as Ocean Federal Savings & Loan Association establishing local operations until 1985 when business expansion took place into Middlesex County, NJ.[7]

Since then the bank has changed names two times, in 1989 from Ocean Federal Savings & Loan Association to the Ocean Federal Savings Bank and in 1999 to their current name OceanFirst Bank.[8]

OceanFirst completed its initial public offering (IPO) converting from mutual to stock ownership and established an independent charitable foundation named OceanFederal Foundation in 1996. In 1999 it became OceanFirst Foundation.

OceanFirst Foundation has granted over US$39 million to non-profit organizations and schools, helping the community around OceanFirst market areas.[9][10][11]

In 2018, OceanFirst has become a bank holding company, the company completed the conversion of its charter from a federal savings bank to a national commercial bank.[12]

Business expansion

OceanFirst Financial Corp. has been in a buying spree for the past four years (2015-2019), closing deals to acquire 7 different financial institutions in New Jersey, Philadelphia, and New York City. Starting with the acquisition of Colonial American Bank on July 31, 2015.[13][14]

In January 2016, OceanFirst executives agreed to buy Cape Bancorp, which was a bank with 22 branches and five loans offices, for $208 million.[15]

In November 2016, Ocean Shore’s subsidiary, Ocean City Home Bank, a community banks that dates back to 1887 in Ocean City with 11 branches in Atlantic and Cape May counties was acquired by OceanFirst for $146 million.[15][16]

In 2018, OceanFirst completed $475 million acquisition of Sun Bancorp, the holding company for Sun National Bank.[12][17]

In January 2019, OceanFirst closed $102 million acquisition deal of Capital Bank of New Jersey, under the deal, Capital Bank operated as a division of OceanFirst Bank until the customers and accounts were integrated into the OceanFirst operating system in the second quarter of 2019. Simultaneously with the integration, Capital Bank was rebranded as OceanFirst Bank.[18]

In August 2019, OceanFirst Financial Corp. announced the acquisition of Two River Bancorp and Country Bank Holding Company, Inc. in a transaction worth approximately $183 million and $102.2 million respectively.The transaction is pending approvals.[19]

Two River Bancorp is a full-service community bank operating 14 branch locations and 2 loan production offices in Monmouth, Ocean, Union and Essex Counties.

Country Bank Holding Company Inc. was founded in 1988 and provides banking services to small businesses and individuals through its network of five Country Bank branches located in the metropolitan New York market.[19][20]

Sports marketing

The first commercial naming rights for Monmouth University stadium was announced in 2016, the name of the arena was changed from Multipurpose Activity Center to OceanFirst Bank Center following a multi-year naming rights sponsorship with OceanFirst.[21]

References

  1. ^ a b c d e [https:https://www.sec.gov/Archives/edgar/data/1004702/000100470219000076/ocfc-12312018x10k.htm "OceanFirst Financial Corp. 2018 Annual Report (Form 10-K)"]. sec.gov. U.S. Securities and Exchange Commission. February 2018. Retrieved 2019-12-24. {{cite web}}: Check |url= value (help)CS1 maint: url-status (link)
  2. ^ Bank, OceanFirst. "Financial data". Owler.
  3. ^ "History & Mission". OceanFirst Bank. Retrieved 2019-12-10.
  4. ^ "OceanFirst Bank Locations". www.usbanklocations.com. Retrieved 2019-12-10.
  5. ^ Corp, OceanFirst Financial (2019-01-31). "OceanFirst Financial Corp. Completes Acquisition of Capital Bank of New Jersey". GlobeNewswire News Room. Retrieved 2019-12-10.
  6. ^ "Bloomberg - OCFC profile". www.bloomberg.com. Retrieved 2019-12-27.{{cite web}}: CS1 maint: url-status (link)
  7. ^ "404 Page Not Found | SNL Financial LC" (PDF). platform.mi.spglobal.com. Retrieved 2019-12-10. {{cite web}}: Cite uses generic title (help)
  8. ^ "Institution Profile". www.ffiec.gov. Retrieved 2019-12-10.
  9. ^ Diamond, Michael L. "OceanFirst Bank getting new CEO after almost two decades". Asbury Park Press. Retrieved 2019-12-10.
  10. ^ County, Submitted by Susan Kotzen Communications & Donor Relations Jewish Family Service of Atlantic. "OceanFirst Foundation donates $20,000 to Jewish Family Service". Press of Atlantic City. Retrieved 2019-12-10. {{cite web}}: |first= has generic name (help)
  11. ^ "OceanFirst Foundation Donates $38,000 Through Home Runs for Heroes". MiLB.com. Retrieved 2019-12-10.
  12. ^ a b "OceanFirst completes $475M acquisition of Sun Bancorp". Philadelfia Business Journal. Retrieved 2019-12-10.{{cite web}}: CS1 maint: url-status (link)
  13. ^ "OceanFirst Financial Corp. Completes Acquisition of Colonial American Bank". New Jersey Business. Retrieved 2019-12-10.{{cite web}}: CS1 maint: url-status (link)
  14. ^ Diamond, Michael L. "OceanFirst to buy Colonial American". Asbury Park Press. Retrieved 2019-12-10.
  15. ^ a b "Bank completes $202M acquisition of South Jersey competitor". Philadelfia Business Journal. Retrieved 2019-12-10.{{cite web}}: CS1 maint: url-status (link)
  16. ^ "OceanFirst Financial Corp. and Ocean Shore Holding Co. Receive Stockholder Approvals for Merger". New Jersey Business. Retrieved 2019-12-10.{{cite web}}: CS1 maint: url-status (link)
  17. ^ "OceanFirst Financial acquires Sun National Bank for $475m". Retail Banker International. Retrieved 2019-12-10.
  18. ^ "OceanFirst closes $77M acquisition of South Jersey bank". Philadelfia Business Journal. Retrieved 2019-12-10.{{cite web}}: CS1 maint: url-status (link)
  19. ^ a b "OceanFirst Financial to acquire Two River and CHYC for £236m". NS Banking. 2019-08-12. Retrieved 2019-12-10.
  20. ^ Katz, Peter (2019-08-13). "Country Bank to merge with OceanFirst Bank". Westfair Communications. Retrieved 2019-12-10.
  21. ^ Newman, Josh. "OceanFirst pays to put name on Monmouth's MAC". Asbury Park Press. Retrieved 2019-12-27.

Business data for OceanFirst Bank: Google Finance, Yahoo! Finance, Reuters, SEC filings

OceanFirst Bank

OceanFirst Bank


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