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 Ocean County is a county located along the Jersey Shore in the south-central portion of the U.S. state of New Jersey. It borders the Atlantic Ocean on the east. Its county seat is Toms River.New Jersey, and in the major metropolitan markets of Philadelphia, New York City,

Baltimore Baltimore ( , locally: or ) is the most populous city in the U.S. state of Maryland, fourth most populous city in the Mid-Atlantic, and the 30th most populous city in the United States with a population of 585,708 in 2020. Baltimore was d ...

, Washington D.C., and Boston. The company offers online banking, current accounts, mobile banking, personal loans, debit cards, e-banking, mortgage loan, commercial lending, cash management, and insurance services.

History

OceanFirst Bank traces its history back to 1902 in Point Pleasant Beach, NJ, Ocean County, where it was founded as Point Pleasant Building & Loan Association. In 1960 the name was changed to Ocean Federal Savings and Loan establishing local operations until 1985 when business expansion took place into Middlesex County, NJ. In 1999 the name was changed from Ocean Federal Savings & Loan Association to OceanFirst Bank. OceanFirst completed its initial public offering (IPO) converting from mutual to stock ownership in 1996 which included establishing a holding company. In 2018, OceanFirst became a bank holding company, OceanFirst Financial Corp, and the company completed the conversion of its charter from a federal savings bank to a national commercial bank.

Business expansion

OceanFirst Financial Corp. enhanced its organic growth efforts with acquisitions beginning in 2015. Since then, it has completed deals to acquire 6 different financial institutions in New Jersey, Philadelphia, and New York City. First was the acquisition of Colonial American Bank on July 31, 2015. Then, in January 2016, it agreed to buy Cape Bancorp, Inc. which was a bank with 22 branches and five loans offices, for $196 million. On November 30, 2016, OceanFirst Financial Corp. acquired, for $146 million, Ocean Shore Holding Co. including its 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 . In 2018, it completed a $475 million acquisition of Sun Bancorp Inc., the holding company for Sun National Bank. In January 2019, it closed a $77 million acquisition deal of Capital Bank of New Jersey; under the deal, Capital Bank operated as a division of OceanFirst Bank until its customers and accounts were integrated into the OceanFirst operating system in the second quarter of 2019, at which time Capital Bank was rebranded as OceanFirst Bank. Country Bank Columbus Day 2019 jeh

On January 1, 2020, OceanFirst Financial Corp. acquired Two River Bancorp and Country Bank Holding Company, Inc. in a transaction worth approximately $183 million and $102.2 million respectively. Two River Bancorp was a full-service community bank operating 14 branch locations and 2 loan production offices in

Monmouth Monmouth ( , ; cy, Trefynwy meaning "town on the Monnow") is a town and community in Wales. It is situated where the River Monnow joins the River Wye, from the Wales–England border. Monmouth is northeast of Cardiff, and west of London. I ...

, Ocean, Union and Essex Counties. Country Bank Holding Company Inc. was founded in 1988 and provided banking services to small businesses and individuals through its network of five Country Bank branches located in the metropolitan New York market. On November 4, 2021, OceanFirst Financial Corp. announced a merger agreement with Partners Bancorp in a transaction worth approximately $186 million. Partners Bancorp, created by the 2019 merger of the Bank of Delmarva and the Virginia Partners Bank, has 20 branches in Maryland, Delaware, Virginia, and New Jersey. The merger is expected to close by the end of the second quarter 2022.

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.

OceanFirst Foundation.

In 1996, the bank established an independent

charitable foundation A foundation (also a charitable foundation) is a category of nonprofit organization or charitable trust that typically provides funding and support for other charitable organizations through grants, but may also engage directly in charitable act ...

named OceanFederal Foundation in 1996. In 1999 it became OceanFirst Foundation. The foundation has granted more than

US$ The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...

45 million to non-profit organizations and schools, helping the community around the bank's market areas.{{cite web , title=OceanFirst Foundation News , url=https://www.oceanfirstfdn.org/press/ , access-date=26 September 2022

References

External links

Official website
Banks based in New Jersey Banks established in 1902 Toms River, New Jersey 1902 establishments in New Jersey