OceanFirst Financial Corp. (NASDAQ: OCFC) has completed its merger with Flushing Financial Corporation (NASDAQ: FFIC) and closed a concurrent $225 million strategic investment from affiliates of funds managed by Warburg Pincus LLC, creating a regional bank operating 71 retail branches across the Northeast.
The combined company, the holding company for OceanFirst Bank N.A., now spans New Jersey, New York, Long Island and Pennsylvania, operating under the OceanFirst brand. Integrating Flushing Bank extends OceanFirst's reach into the New York City and Long Island markets where Flushing built its franchise.
The $225 million investment from Warburg Pincus, a global private equity firm, closed concurrently with the merger and adds capital to the enlarged balance sheet. OceanFirst said the combination creates a scaled, high-performing regional bank with a presence across the Mid-Atlantic and Northeast corridor.
The added capital and expanded branch network position OceanFirst to compete for commercial and retail deposits across a denser footprint, while the Warburg Pincus investment strengthens the capital base supporting the larger institution.