OceanFirst and Flushing Financial to merge in $579 million deal

OceanFirst Financial Corp. (NASDAQ: OCFC) and Flushing Financial Corporation (NASDAQ: FFIC) announced a definitive merger agreement that values the all-stock transaction at $579 million based on OceanFirst's December 26, 2025 closing price of $19.76 per share.

Under the agreement, Flushing stockholders will receive 0.85 shares of OceanFirst common stock for each share of Flushing stock they own. The combined entity will operate approximately $23 billion in assets, $17 billion in loans, and $18 billion in deposits across 71 retail branches in New Jersey, Long Island, and New York markets.

Concurrently, OceanFirst entered an investment agreement with affiliates of Warburg Pincus LLC for a $225 million equity investment. Warburg Pincus will purchase approximately 9.7 million shares of OceanFirst common stock and shares representing the economic equivalent of 1.7 million additional shares at $19.76 per share. The investment firm will also receive warrants for the economic equivalent of approximately 11.4 million shares with a seven-year term and mandatory exercise provision if OceanFirst stock closes at or above $30.00 for 20 days within a 30-day period.

Following completion, Flushing stockholders will own approximately 30% of the combined company, Warburg Pincus will hold about 12%, and existing OceanFirst shareholders will retain approximately 58% of outstanding shares.

Christopher Maher, OceanFirst's Chairman and CEO, will lead the combined company, while John Buran, Flushing's President and CEO, will serve as non-executive Chairman. The board will consist of 17 directors: 10 from OceanFirst, six from Flushing, and one from Warburg Pincus.

The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals and shareholder approval from both companies.

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