OceanFirst to buy Flushing Financial, raise $225M from Warburg Pincus

Key insight: The deal is expected to create a $23 billion-asset company with operations focused around New Jersey and New York. What's at stake: OceanFirst is vowing to reduce its commercial real-estate concentration, which was already hefty and will grow larger following the completion of the Flushing transaction. Forward look: Warburg Pincus will make a $225 million investment in the combined company, giving the private equity firm a seat on the board and a 12% ownership stake. UPDATE: This article ...