OceanFirst to Acquire Provident Financial for $1.7B

TL;DR

OCFC buying PFSI for $1.7B, deal expected Q2 2025.

AI Summary

OceanFirst Financial Corp. announced on October 17, 2024, that it has entered into a definitive agreement to acquire Provident Financial Services, Inc. The transaction is valued at approximately $1.7 billion, with Provident shareholders expected to receive $20.00 in cash and 1.05 shares of OceanFirst common stock for each share of Provident common stock they own. This acquisition is anticipated to close in the second quarter of 2025, subject to regulatory and shareholder approvals.

Why It Matters

This significant acquisition will create a larger regional bank, potentially impacting competition and service offerings for customers in the New Jersey and Pennsylvania markets.

Risk Assessment

Risk Level: medium — The acquisition is subject to regulatory and shareholder approvals, which introduces uncertainty regarding its completion and terms.

Key Numbers

• $1.7B — Transaction Value (Total value of the acquisition of Provident Financial Services, Inc.)
• $20.00 — Cash per Share (Cash component of the consideration for Provident shareholders.)
• 1.05 — Stock per Share (Stock component of the consideration for Provident shareholders.)
• Q2 2025 — Expected Closing (Anticipated timeframe for the completion of the acquisition.)

Key Players & Entities

• OceanFirst Financial Corp. (company) — Acquiring company
• Provident Financial Services, Inc. (company) — Acquired company
• $1.7 billion (dollar_amount) — Total transaction value
• $20.00 (dollar_amount) — Cash consideration per share
• 1.05 shares (dollar_amount) — Stock consideration per share
• second quarter of 2025 (date) — Expected closing period
• October 17, 2024 (date) — Date of the agreement

FAQ

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 Novemb

Filing Documents

• ocfc-20241017.htm (8-K) — 33KB
• ex991-earningsreleasesepte.htm (EX-99.1) — 1099KB
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• oceanfirstpressreleas19a.jpg (GRAPHIC) — 27KB
• 0001004702-24-000112.txt ( ) — 4942KB
• ocfc-20241017.xsd (EX-101.SCH) — 2KB
• ocfc-20241017_def.xml (EX-101.DEF) — 15KB
• ocfc-20241017_lab.xml (EX-101.LAB) — 27KB
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02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On October 17, 2024, OceanFirst Financial Corp. (the "Company") issued a press release announcing its financial results for the quarter ended September 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 October 17, 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 November 15, 2024 to stockholders of record on October 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 November 15, 2024 to the stockholders of record at the close of business on November 4, 2024.

01 FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) EXHIBITS 99.1 Press Release dated October 17, 2024 99.2 Text of written presentation which OceanFirst Financial Corp. intends to provide to current and prospective investors after October 17, 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: October 17, 2024 /s/ Patrick S. Barrett Patrick S. Barrett Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR