Toms River, N.J.-based OceanFirst Financial Corp. ($2.59 billion) completed itsacquisition of CapeMay Court House, N.J.-based CapeBancorp Inc. ($1.58 billion).
CapeBank will operate as a division of , and will eventuallyrebrand as OceanFirst Bank once integration of operating systems is completedin October.
Based on the $19.48 per share closing price of OceanFirstFinancial common stock on April 29, the total transaction value wasapproximately $195 million.
Mark Foley has been appointed to the newly established roleof president of the Southern division. Foley has more than 35 years offinancial services experience.