OceanFirst Financial Corp. Announces Redemption of all Outstanding 57,370 shares of 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock of OceanFirst Financial Corporation

Core Viewpoint - OceanFirst Financial Corp. will redeem all outstanding shares of its 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, on May 15, 2025, as part of its strategy to optimize its balance sheet and reduce liabilities with higher funding costs [1][4]. Summary by Sections Redemption Details - The company will redeem 57,370 shares of Series A Preferred Stock at a cash redemption price of $1,000 per share, equivalent to$25 per Depositary Share [1]. - The redemption will occur on the next dividend payment date, May 15, 2025, and will include a previously declared dividend payment due on that date [1]. - The depositary will also redeem 2,294,800 Depositary Shares, each representing a 1/40th interest in a share of the Series A Preferred Stock [1]. Post-Redemption Effects - After the Redemption Date, dividends on the Series A Preferred Stock will cease to accrue, and both the Series A Preferred Stock and the Depositary Shares will no longer be considered outstanding [3]. - Holders will retain the right to receive the Redemption Price without interest [3]. Company Background - OceanFirst Financial Corp. is a regional bank with $13.3 billion in assets, providing various financial services across New Jersey and major metropolitan areas from Massachusetts to Virginia [4]. - The bank has a long history, having been founded in 1902, and is recognized as one of the largest community-based financial institutions in New Jersey [4].