Ocean Federal Savings Bank has completed its conversion to a stock savings bank and reorganization under a holding company, Ocean Financial Corp.

The company raised $11 million from the 8.3 million share offering.

The money will be used to repay Federal Home Loan Bank borrowings, renovate corporate offices, open four new branches, and buy the savings bank's outstanding stock.

Thrift officials also plan to diversify operations to include commercial lending and deposit services in its market.

The thrift also established the Ocean Federal Foundation to support area charities. The foundation was funded with $13.4 million in stock from the company.

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