OceanFirst-Flushing merger deal gains shareholder nod

OceanFirst Financial and Flushing Financial has secured the support of shareholders for their planned merger.

The deal, agreed successful December, is valued astatine $579m.

Regulatory permissions person besides been obtained from the New York State Department of Financial Services and the Office of the Comptroller of the Currency.

The parties said the transaction is inactive waiting connected support from the Board of Governors of the Federal Reserve System and different modular closing conditions.

Upon woody completion, Flushing Bank volition beryllium combined into OceanFirst Bank, with OceanFirst Bank continuing arsenic the surviving bank.

The combined radical is projected to person astir $23bn successful assets, $17bn successful loans and $18bn successful deposits, operating 71 retail branches.

The companies said OceanFirst’s New York footprint would grow crossed Suffolk, Nassau, Queens, Brooklyn and Manhattan counties, alongside its existing beingness successful New Jersey and Long Island.

OceanFirst besides reported an concern statement with affiliates of funds managed by Warburg Pincus, nether which the investors are afloat committed to put $225m successful recently issued equity securities, conditional connected the merger closing.

Christopher Maher, OceanFirst’s president and main executive, is acceptable to pb the merged holding institution arsenic CEO erstwhile the transaction closes.

Flushing’s president and main executive, John Buran, is expected to instrumentality the relation of non-executive seat of the committee astatine OceanFirst aft completion.

The post-merger committee is planned to person 17 members - 10 from OceanFirst’s existent board, six from Flushing’s existent committee and 1 representing Warburg Pincus.

"OceanFirst-Flushing merger woody gains shareholder nod" was primitively created and published by Retail Banker International, a GlobalData owned brand.

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