RED BANK, N.J., May 04, 2020 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ: “OCFC”), the holding company for OceanFirst Bank N.A., announced today that it has priced a public offering of 2,200,000 depositary shares with a liquidation preference of $25.00 per share, for gross proceeds of $55,000,000 before deducting underwriting discounts and other estimated offering expenses. Each Depositary Share represents a 1/40th interest in a share of the Company's 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A. In connection with the offering, the Company has granted the underwriters an option for 30 days to purchase up to an additional 330,000 Depositary Shares. The Company intends to apply to list the Depositary Shares on The Nasdaq Global Select Market under the symbol "OCFCP." The offering is subject to customary closing conditions and is expected to close on or about May 7, 2020. On May 1, 2020, the Company also completed an offering (the “Notes Offering”) of $125.0 million of its 5.25% fixed-to-floating rate subordinated notes due 2030.
The Company intends to use the net proceeds from this offering and the Notes Offering for general corporate purposes, which may include providing capital to support its organic growth or growth through strategic acquisitions, repaying indebtedness, financing investments, capital expenditures, repurchasing shares of its common stock and for investments in the Bank as regulatory capital.
Piper Sandler & Co. and Raymond James & Associates, Inc. are acting as joint book-running managers for the offering.
About the Company
OceanFirst Financial Corp’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $10.5 billion regional bank operating throughout New Jersey, metropolitan Philadelphia and metropolitan New York City. OceanFirst Bank delivers commercial and residential financing solutions, trust and asset management and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey.
