![]() Maher, OceanFirst Chairman and Chief Executive Officer commented on the announcement, “The banks that comprise Partners Bancorp are each strong organizations operating community commercial banking models and have demonstrated strong growth in their markets. Certain stockholders of Partners owning in the aggregate approximately 44% of Partners’ outstanding common stock have entered into support agreements with OceanFirst pursuant to which they have agreed to vote in favor of the merger agreement.Ĭhristopher D. Assuming 80% of the shares of Partners common stock are converted into OceanFirst common stock and 20% of the shares of Partners common stock are converted into cash, the aggregate consideration to be paid in exchange for the Partners common stock will consist of approximately 6.5 million shares of OceanFirst common stock and $37 million in cash. The merger agreement provides that only up to 40% of Partners common stock will be exchanged for cash and the remaining shares exchanged for OceanFirst common stock, subject to proration. Under the terms of the merger agreement, which has been approved by the Boards of Directors of both companies, in exchange for each share of Partners common stock, Partners stockholders may elect to receive $10.00 in cash or 0.4512 shares of OceanFirst common stock. At September 30, 2021, Partners had $1.64 billion in assets, $1.11 billion in loans, $1.44 billion in deposits, and $139.5 million in stockholders’ equity. Partners is the multi-bank holding company that owns The Bank of Delmarva and Virginia Partners Bank. The transaction is expected to result in approximately 10% earnings per share accretion in 2023 (the first full year of fully phased-in synergies). The proposed acquisition of Partners would expand OceanFirst’s footprint into Delaware, Maryland, Virginia and the Washington D.C. Based on OceanFirst’s closing stock price on Novemof $23.21, the transaction is valued at approximately $10.38 per Partners common share, or approximately $186 million in the aggregate.īased on Septemresults and the impact of purchase accounting, the combined company is expected to have, pro forma, approximately $13.5 billion in assets, $9.3 billion in loans and $11.2 billion in deposits. Upon completion of the Partners merger, The Bank of Delmarva and Virginia Partners Bank will each successively merge into OceanFirst Bank, with OceanFirst Bank surviving each bank merger. (“OceanFirst Bank”), and Partners Bancorp (NASDAQ: PTRS) (“Partners”), parent company of The Bank of Delmarva (and its division, Liberty Bell Bank), headquartered in Seaford, Delaware, and Virginia Partners Bank (and its division Maryland Partners Bank), headquartered in Fredericksburg, Virginia, jointly announced today that they have entered into a definitive agreement and plan of merger pursuant to which Partners will merge into OceanFirst, with OceanFirst surviving. ![]() (NASDAQ:OCFC) (“OceanFirst”), parent company of OceanFirst Bank N.A. 04, 2021 (GLOBE NEWSWIRE) - OceanFirst Financial Corp. Region and Adds High-Growth, Commercial-Oriented Franchise with Stable Deposit Base Accelerates OceanFirst’s Strategic Expansion into Attractive Baltimore / Washington D.C.
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