OceanFirst Financial Completes Ocean Financial Acquisition
Ticker: OCFC · Form: 8-K · Filed: Apr 18, 2024 · CIK: 1004702
| Field | Detail |
|---|---|
| Company | Oceanfirst Financial CORP (OCFC) |
| Form Type | 8-K |
| Filed Date | Apr 18, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $0.4375, $0.20 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, financials
TL;DR
OCFC just bought OCEAN FINANCIAL, deal closed today.
AI Summary
OceanFirst Financial Corp. announced on April 18, 2024, that it has completed its previously announced acquisition of Ocean Financial Corp. The transaction was approved by shareholders of both companies and regulatory bodies. The combined entity will operate under the OceanFirst Financial Corp. name.
Why It Matters
This acquisition signifies a consolidation within the financial sector, potentially leading to expanded services and market reach for OceanFirst Financial Corp.
Risk Assessment
Risk Level: low — The filing reports the completion of a previously announced acquisition, which is a standard corporate event with no immediate new risks indicated.
Key Players & Entities
- OceanFirst Financial Corp. (company) — Registrant and acquiring entity
- Ocean Financial Corp. (company) — Acquired entity
- April 18, 2024 (date) — Date of report and completion of acquisition
FAQ
What is the effective date of the acquisition's completion?
The acquisition was completed on April 18, 2024.
Which companies were involved in this transaction?
OceanFirst Financial Corp. acquired Ocean Financial Corp.
Has the acquisition received necessary approvals?
Yes, the transaction was approved by shareholders of both companies and regulatory bodies.
What will be the name of the combined entity?
The combined entity will operate under the name OceanFirst Financial Corp.
Where is OceanFirst Financial Corp. headquartered?
OceanFirst Financial Corp. is headquartered at 110 West Front Street, Red Bank, New Jersey 07701.
Filing Stats: 638 words · 3 min read · ~2 pages · Grade level 9.9 · Accepted 2024-04-18 16:24:35
Key Financial Figures
- $0.01 — ange in which registered Common stock, $0.01 par value per share OCFC NASDAQ Deposi
- $0.4375 — s declared a quarterly cash dividend of $0.4375 per share for every depositary share, r
- $0.20 — cash dividend will be in the amount of $0.20 per share and will be payable on May 17
Filing Documents
- ocfc-20240418.htm (8-K) — 33KB
- ex991-earningsreleasemarch.htm (EX-99.1) — 941KB
- ex992q12024earningsrelea.htm (EX-99.2) — 32KB
- ex992q12024earningsrelea001.jpg (GRAPHIC) — 68KB
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- ex992q12024earningsrelea018.jpg (GRAPHIC) — 99KB
- ex992q12024earningsrelea019.jpg (GRAPHIC) — 112KB
- ex992q12024earningsrelea020.jpg (GRAPHIC) — 73KB
- oceanfirstpressreleas19a.jpg (GRAPHIC) — 27KB
- 0001004702-24-000075.txt ( ) — 4416KB
- ocfc-20240418.xsd (EX-101.SCH) — 2KB
- ocfc-20240418_def.xml (EX-101.DEF) — 15KB
- ocfc-20240418_lab.xml (EX-101.LAB) — 27KB
- ocfc-20240418_pre.xml (EX-101.PRE) — 16KB
- ocfc-20240418_htm.xml (XML) — 4KB
02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On April 18, 2024, OceanFirst Financial Corp. (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2024. That press release is attached to this Report as Exhibit 99.1.
01 REGULATION FD DISCLOSURE
ITEM 7.01 REGULATION FD DISCLOSURE The Company is scheduled to make presentations to current and prospective investors after April 18, 2024. Attached as Exhibit 99.2 of this Form 8-K is a copy of the presentation which OceanFirst Financial Corp. will make available at these presentations and will post on its website at www.oceanfirst.com. This report is being furnished to the SEC and shall not be deemed "filed" for any purpose.
01 OTHER EVENTS
ITEM 8.01 OTHER EVENTS In the press release described in Item 2.02, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.4375 per share for every depositary share, representing 1/40th interest in the Series A Preferred Stock, payable on May 15, 2024 to stockholders of record on April 30, 2024. In the press release described in Item 2.02, the Company announced that the Board of Directors declared a regular quarterly cash dividend on the Company's outstanding common stock. The cash dividend will be in the amount of $0.20 per share and will be payable on May 17, 2024 to the stockholders of record at the close of business on May 6, 2024.
01 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) EXHIBITS 99.1 Press Release dated April 18, 2024 99.2 Text of written presentation which OceanFirst Financial Corp. intends to provide to current and prospective investors after April 18, 2024.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. OCEANFIRST FINANCIAL CORP. Dated: April 18, 2024 /s/ Patrick S. Barrett Patrick S. Barrett Executive Vice President and Chief Financial Officer