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.