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OceanFirst Financial completes 2 acquisitions

OceanFirst Financial Corp. acquired Two River Bancorp and Country Bank Holding Co. Inc., effective Jan. 1.

The former operations of Two River Bancorp and Country Bank Holding will operate as divisions of OceanFirst Bank NA until the integrations of their respective operating systems are completed, expected to occur separately during 2020. In conjunction with the full integration of each operating system, Two River Bancorp and Country Bank Holding will each be rebranded as OceanFirst Bank.

With the two deals, New Jersey-based OceanFirst Financial will have assets of about $10.2 billion, according to a news release.

Upon the acquisition of Tinton Falls, N.J.-based Two River Bancorp, the company's former shareholders became entitled to receive $5.375 in cash without interest and 0.6663 of an OceanFirst Financial common stock for each Two River Bancorp common share they held, plus cash in lieu of any fractional shares of OceanFirst Financial common stock. Based on the $25.54 per share closing price of OceanFirst Financial common stock on Dec. 31, 2019, the total transaction value for the Two River Bancorp acquisition was roughly $197 million, including options.

William Moss, the former chairman, president and CEO of Two River Bancorp, was appointed a director of OceanFirst Financial and OceanFirst Bank.

Upon the acquisition of New York-based Country Bank Holding, the company's former shareholders became entitled to receive 2,000 OceanFirst Financial common shares for each share of Country Bank Holding common stock they held. Based on the $25.54-per-share closing price of OceanFirst Financial common stock on Dec. 31, 2019, the total transaction value for the Country Bank Holding acquisition was roughly $112.8 million.

Additionally, Joseph Murphy Jr., former president of Country Bank Holding, was appointed a director of OceanFirst Financial and OceanFirst Bank.