OceanFirst Financial Corp. announced the successful completion of its merger with Flushing Financial Corporation, alongside a concurrent $225 million strategic capital investment from Warburg Pincus LLC.
The transaction combines Flushing Bank’s 95-year-old community footprint with OceanFirst Bank N.A.’s relationship-driven business model. Operating entirely under the OceanFirst brand, the merged entity establishes a scaled regional banking presence spanning 71 retail branches across New Jersey, New York, Long Island and Pennsylvania, with a broader operational reach extending from Massachusetts to Virginia.
“Today marks an important milestone in our growth strategy and the next chapter for our combined organization,” Christopher Maher, chief executive officer of OceanFirst said. “This combination… immediately scales our presence in the deposit-rich markets of Long Island and the New York City boroughs. By adding Warburg Pincus as a long-term capital partner, we are well positioned to deliver enhanced value to our clients, accelerate profitable growth, and create meaningful long-term value for our shareholders.”
Under the finalized terms of the merger agreement, Flushing shareholders received 0.85 shares of OceanFirst common stock for each share of Flushing common stock they held, with cash distributed in lieu of any fractional shares.
The leadership structure of the combined institution has also been reconstituted to integrate both organizations:
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Board Chairmanship: John Buran, the former President and Chief Executive Officer of Flushing, officially joins OceanFirst as the non-executive Chairman of the Board.
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Board Composition: The newly expanded board consists of 17 directors. This includes ten representatives from the legacy OceanFirst board, six from the legacy Flushing board, and one designated representative from Warburg Pincus.
“They bring deep industry experience and strong knowledge of the New York and Long Island markets, and their insight will be invaluable as we deliver on the long-term potential of the combined franchise,” Maher noted regarding the new board appointments.
With the integration complete, OceanFirst—an approximately $23 billion regional bank originally founded in 1902—aims to leverage its expanded scale to offer a wider array of commercial and consumer banking, wealth, and treasury management capabilities.
In tandem with the closing, OceanFirst announced a $5 million contribution to the OceanFirst Foundation. This funding is specifically earmarked to support nonprofit community organizations operating throughout the bank’s expanded market footprint, explicitly including New York and Long Island neighborhoods.
The multi-party transaction involved an extensive roster of financial and legal advisors:
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For OceanFirst: Keefe, Bruyette & Woods, Inc. (A Stifel Company) acted as financial advisor, with Simpson Thacher & Bartlett LLP providing legal counsel. J.P. Morgan served as capital markets advisor and sole placement agent.
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For Flushing: Piper Sandler & Co. served as financial advisor, while Hughes Hubbard & Reed LLP acted as legal counsel.
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For Warburg Pincus: Jefferies LLC served as financial advisor, and Wachtell, Lipton, Rosen & Katz provided legal counsel.
OceanFirst has filed a detailed Current Report on Form 8-K with the U.S. Securities and Exchange Commission outlining additional particulars of the completed merger.
