OCFC: Announces Agreements to Acquire Two River Bancorp and Country Bank Holding Company, Extending Push into NYC Metro Area; Reducing 2020 EPS Estimates, but Raising 2021; Maintaining Target Price; Upgrading to Outperform Rating

On Friday, OceanFirst Financial Corp. announced agreements to acquire two banks. Two River Bancorp is a $1.2 billion in assets bank with 14 branches serving Northern New Jersey. Country Bank Holding Company, Inc. is a $783 million in assets bank with 5 branches serving an area from midtown Manhattan to Scarsdale, NY. The total combined transaction price is approximately $285 million. The transactions are expected to close in 1Q20. Upon completion of the transactions, OceanFirst will grow to approximately $9.9 billion in assets, $7.5 billion in loans, and $7.7 billion in deposits.

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Media Contact: Joseph Gladue, CFA, PRM

Joseph Gladue has over 30 years industry experience with over 25 years focused on banking research. Mr. Gladue was Director of Research at several firms including Cohen & Company and Merion Capital Group. Previously he was a senior research analyst at B. Riley and worked in finance at Bank of the Internet. Joe has covered small and mid-cap banks across the US and has also follow companies in other financial service industries. Joe also provides his banking expertise in the asset management arena for Bluestone Capital Partners. Joe can be reached at jgladue@aldensecurities.com, 215-572-8700.

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