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OceanFirst closes Sun Bancorp acquisition

Toms River, N.J.-based OceanFirst Financial Corp. completed its acquisition of Mount Laurel, N.J.-based Sun Bancorp Inc., holding company of Sun National Bank.

OceanFirst is the holding company of OceanFirst Bank and is now a bank holding company due to the conversion of OceanFirst Bank to a national commercial bank from a federal savings bank. The bank will be branded OceanFirst Bank NA.

Sun National Bank will function as a division of OceanFirst Bank NA until the integration of operating systems, which is expected to be completed in June.

OceanFirst had an approximate pro forma balance sheet at Dec. 31, 2017, as follows: assets of $7.6 billion, loans of $5.5 billion and deposits of $6.0 billion, according to the press release.

The deal was valued at approximately $475 million, based on OceanFirst's Jan. 31 stock closing price of $26.45 per share.