Company Profile
- OceanFirst Financial Corp. (NASDAQ: OCFC) (“OceanFirst” or “the company”) is the BHC, whose main subsidiary, OceanFirst Bank, N.A. (“the bank”) is a $13 billion-asset/$10 billion-deposit institution that has operations ranging from Baltimore to Boston. A majority of its 39 branches are located throughout NJ, with a smaller presence in NYC & Philadelphia.
- The legacy operations were more concentrated in Central and Southern NJ, but through a fairly active M&A strategy, with 7 closed acquisitions from 2015-2020, OCFC expanded its footprint and currently reflects a meaningful presence in the Northern NJ, NYC, and Philadelphia markets. That said, the last completed acquisitions were in 1Q20, with management emphasizing organic growth initiatives in recent years, including the strategic hires of industry veterans from larger institutions and the continued build out of middle market banking, which has further expanded the company into the Boston and…