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OceanFirst Financial in Toms River, N.J., has agreed to buy Colonial American Bank in Middletown, N.J.
February 26 -
OceanFirst Financial in Toms River, N.J., has shed some nonperforming mortgages.
October 2 -
A unit of Provident Financial Services in Jersey City, N.J., has agreed to buy an investment adviser.
January 5
OceanFirst Financial in Toms River, N.J., has agreed to buy a branch office in its hometown from Provident Financial Services.
The $2.4 billion-asset OceanFirst will pay a 2.5% premium, or about $500,000, for $20.2 million of core deposits attached to the Toms River office, according to Provident. OceanFirst will also acquire about $4.4 million of certificates of deposits associated with the branch, with no premium. OceanFirst will not acquire loans in the deal.
The acquisition will expand OceanFirst's retail deposit market share in Ocean County, N.J., to 10.4% from 10.2%, according to a Keefe, Bruyette & Woods research report.
The $8.8 billion-asset Provident, based in Jersey City, will continue to operate three other branches of The Provident Bank in Ocean County, including one in Toms River.