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OceanFirst Financial completes Cape Bancorp acquisition

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. Michael Devlin, former presidentand CEO of Cape Bancorp, has been added to the board of OceanFirst Financialand OceanFirst Bank.