OceanFirst expanding in D.C. area with Partners Bancorp deal

OceanFirst Financial in Red Bank, New Jersey, has agreed to buy Partners Bancorp in Salisbury, Maryland, for $186 million.

If the deal is approved by regulators and shareholders, OceanFirst would gain a retail foothold in the Washington suburbs and nearby areas. The $1.6 billion-asset Partners is the parent of the Bank of Delmarva and Virginia Partners Bank, which combined have 20 branches and 2 loan production offices.

OceanFirst has a loan production office in Maryland but has no branches south of New Jersey.

The combined banks would have assets of $13.5 billion. The deal is expected to close in the first half of 2022.

Raymond James & Associates was OceanFirst’s financial advisor, and the law firm Skadden, Arps, Slate, Meagher & Flom was its legal counsel. Partners’ financial advisor was Piper Sandler Cos., and Troutman Pepper Hamilton Sanders LLP served as legal counsel.

OceanFirst has been on an acquisition spree in recent years, having bought the $2 billion-asset Sun Bancorp in 2018 and Two River Bancorp and Country Bank last year.