Globenewswire·2025-12-30 00:16Core Viewpoint - OceanFirst Financial Corp. and Flushing Financial Corp. have entered into a definitive merger agreement to combine in an all-stock transaction valued at $579 million, creating a high-performing regional bank with a significant presence in New Jersey, Long Island, and New York markets [1][3]. Transaction Details - The merger will result in Flushing Bank merging into OceanFirst Bank, with OceanFirst Bank as the surviving entity [1][10]. - Flushing stockholders will receive 0.85 shares of OceanFirst common stock for each share of Flushing common stock [10]. - The transaction is expected to close in the second quarter of 2026, pending regulatory approvals and shareholder votes [12]. Financial Metrics - The combined company is projected to have approximately $23 billion in assets, $17 billion in total loans, and $18 billion in total deposits across 71 retail branches [3]. - The merger is expected to enhance profitability metrics, with estimated EPS accretion of 16%, ROATCE of 13%, and ROAA of 1.00% by 2027 [8][9]. - A $225 million equity raise is fully committed at a fixed price, with shares priced at $19.76 [4][11]. Leadership and Governance - Christopher Maher, CEO of OceanFirst, will continue as CEO of the combined company, while John Buran, CEO of Flushing, will become the non-executive Chairman of the Board [6]. - The board will consist of 17 directors, with ten from OceanFirst, six from Flushing, and one from Warburg Pincus [6]. Strategic Rationale - The acquisition is seen as a natural extension of OceanFirst's growth strategy, enhancing its presence in deposit-rich markets of New York [3][6]. - The combination aims to leverage Flushing's distribution network and OceanFirst's relationship-driven business model to better serve customers and create shareholder value [6][7].