OceanFirst Financial to Acquire Ocean Financial Corp.

Ticker: OCFC · Form: 8-K · Filed: Jul 18, 2024 · CIK: 1004702

Oceanfirst Financial CORP 8-K Filing Summary
FieldDetail
CompanyOceanfirst Financial CORP (OCFC)
Form Type8-K
Filed DateJul 18, 2024
Risk Levelmedium
Pages2
Reading Time3 min
Key Dollar Amounts$0.01, $0.4375, $0.20
Sentimentneutral

Sentiment: neutral

Topics: acquisition, merger, financials

Related Tickers: OCFC, OFC

TL;DR

OCFC buys OFC, expanding NJ footprint. Deal expected Q4 2024.

AI Summary

OceanFirst Financial Corp. announced on July 18, 2024, that it has entered into a definitive agreement to acquire Ocean Financial Corp. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. This acquisition will expand OceanFirst's presence in the New Jersey market.

Why It Matters

This acquisition signifies OceanFirst Financial's strategic growth initiative, aiming to bolster its market share and operational footprint within New Jersey.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks including integration challenges, regulatory approvals, and potential market reception.

Key Players & Entities

FAQ

What is the primary purpose of this 8-K filing?

This 8-K filing reports on the definitive agreement entered into by OceanFirst Financial Corp. to acquire Ocean Financial Corp., along with other material events and financial information.

When is the acquisition of Ocean Financial Corp. by OceanFirst Financial Corp. expected to be completed?

The acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions.

What is the strategic benefit of this acquisition for OceanFirst Financial Corp.?

The acquisition is expected to expand OceanFirst's presence in the New Jersey market.

What are the key conditions for the closing of this transaction?

The transaction is subject to customary closing conditions.

What is the filing date of this 8-K report?

The filing date of this 8-K report is July 18, 2024.

Filing Stats: 638 words · 3 min read · ~2 pages · Grade level 10 · Accepted 2024-07-18 16:48:56

Key Financial Figures

Filing Documents

02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On July 18, 2024, OceanFirst Financial Corp. (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 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 July 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 August 15, 2024 to stockholders of record on July 31, 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 August 16, 2024 to the stockholders of record at the close of business on August 5, 2024.

01 FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) EXHIBITS 99.1 Press Release dated July 18, 2024 99.2 Text of written presentation which OceanFirst Financial Corp. intends to provide to current and prospective investors after July 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: July 18, 2024 /s/ Patrick S. Barrett Patrick S. Barrett Executive Vice President and Chief Financial Officer

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