On April 6, 2026, OceanFirst Financial Corp. (OCFC) and Flushing Financial Corp. (FFIC) announced that they had obtained all required shareholder approvals for their merger, and that the New York State Department of Financial Services and the Office of the Comptroller of the Currency had granted their approvals on March 23 and April 6, 2026, respectively. The transaction remains subject to final Federal Reserve clearance and other customary closing conditions.
The combined institution will be valued at $579 million and will have approximately $23 billion in assets, $17 billion in total loans and $18 billion in total deposits. The merger will bring the two banks’ retail branch networks together into 71 branches, a reduction from the 100‑plus figure previously cited. Shareholders of Flushing will receive 0.85 shares of OceanFirst common stock for each Flushing share, and a $225 million strategic investment from Warburg Pincus will be made conditional on the closing of the deal. The post‑merger board will comprise 17 members—10 from OceanFirst, 6 from Flushing and 1 from Warburg Pincus—while Christopher Maher will serve as CEO of the merged holding company and John Buran will become non‑executive chair of the board. OceanFirst shareholders rejected an amendment to their certificate of incorporation that would have exempted Warburg Pincus from a charter provision.
The merger is positioned to expand OceanFirst’s footprint and deposit base across New York and New Jersey, creating a regional bank that is projected to deliver 16 % earnings‑per‑share accretion by 2027. The transaction will also result in a 6 % tangible book‑value dilution, which management expects to be recovered within approximately three years. The deal will increase OceanFirst’s commercial real‑estate concentration ratio to 461 % from 417 %, a level that regulators scrutinize when CRE loans exceed 300 % of risk‑based capital; the bank plans to reduce this figure post‑merger.
"This acquisition represents a natural extension of our proven growth strategy. We are bringing together two highly complementary organizations, leveraging Flushing's 95+ year distribution channel in Long Island and New York alongside OceanFirst's relationship‑driven business model and robust products and services. We share a disciplined credit philosophy and long‑term commitment to the communities we serve and are highly confident that this combination will enable us to better support our customers and deliver meaningful value for shareholders," said Christopher Maher, CEO of OceanFirst.
"This transaction creates meaningful opportunities for our clients, employees, and communities while preserving the relationship‑focused culture that has defined our bank for nearly a century. We look forward to taking the next step in our journey with OceanFirst and for our shareholders to participate in the future upside resulting from creating a scaled, more profitable franchise together," added John Buran, president and CEO of Flushing.
"This combination marries OceanFirst's scalable platform and robust product suite with Flushing's distribution network and deep customer relationships. We have known both franchises for a long time – they share an underlying culture and philosophy and are complementary in ways that unlock strategic value for the combined entity. This is a natural combination that can produce strong returns for shareholders," commented Todd Schell, Managing Director at Warburg Pincus.
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