Flushing Financial Corporation and OceanFirst Financial Corp. received shareholder approval for their all‑stock merger on April 6 2026, clearing the last major hurdle before regulatory clearance and closing. The approval was announced in a joint statement by the two companies and confirms that the transaction can now move forward to the next phase of regulatory review.
Under the deal, Flushing shareholders will receive 0.85 shares of OceanFirst common stock for each Flushing share, plus cash for fractional shares, giving them roughly 30 % ownership of the combined entity. Warburg Pincus is contributing a $225 million investment that will translate into about 12 % of the combined company’s outstanding shares, providing additional capital and confidence in the new bank’s prospects.
The merger is designed to create a larger regional banking franchise with a strong presence in New Jersey, Long Island, and New York. Analysts project the combined bank will have $23 billion in assets and that earnings per share will accrete by about 16 % by 2027, driven by cost synergies, a broader geographic footprint, and a more diversified product mix.
Regulatory approvals are already in place from the New York State Department of Financial Services and the Office of the Comptroller of the Currency; the transaction is pending approval from the Federal Reserve Board. The approval of shareholders removes a key remaining hurdle and brings the deal closer to final regulatory clearance and closing.
Management will lead the combined entity with Christopher Maher, current CEO of OceanFirst, as CEO, and John Buran, former CEO of Flushing, as non‑executive Chairman of the Board. Todd Schell, a Managing Director at Warburg Pincus, will join the board, ensuring that the investment firm’s perspective is represented in governance.
The shareholder approval signals confidence from both companies’ owners and positions the new bank to benefit from scale, expanded geographic reach, and enhanced capital resources, setting the stage for the next steps toward regulatory approval and eventual closing.
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