Bank of Delmarva parent to merge into north Jersey-based bank

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OceanFirst Financial Corp., Red Bank, NJ, and Partners Bancorp, the parent company of The Bank of Delmarva, Seaford, and other financial institutions announced a definitive acquisition deal.

Partners will merge into OceanFirst, with OceanFirst the surviving entity.

Based on OceanFirst’s closing stock price on November 3, 2021, of $23.21, the transaction is valued at approximately $10.38  or roughly $186 million.

Based on September 30, 2021 results, the combined company is expected to have about  $13.5 billion in assets, $9.3 billion in loans, and $11.2 billion in deposits. The combined banks would be slightly smaller than Wilmington-based WSFS Bank.

The proposed acquisition of Partners would expand OceanFirst’s footprint into Delaware, Maryland, Virginia, and the Washington D.C. metro area.

As of September 30, Partners had $1.64 billion in assets, $1.11 billion in loans, $1.44 billion in deposits, and $139.5 million in stockholders’ equity.

Christopher D. Maher, OceanFirst CEO, said,  “The addition of the customers and employees of The Bank of Delmarva and Virginia Partners Bank, along with their respective operating divisions of Liberty Bell Bank and Maryland Partners Bank, joining our OceanFirst team provides an exciting opportunity to expand our digitally-focused commercial banking franchise further into Delaware, Maryland, Virginia, and the Washington D.C. metro area.” 

“This partnership creates a powerful and innovative financial services provider better able to serve its clients and communities of today and tomorrow,” said Lloyd B. Harrison, III, CEO of Partners. “The team at OceanFirst has built and maintains a high-quality banking franchise, and there is no better team with which to unite to deliver community-style banking and to capitalize on the opportunities presented by an evolving industry.”

The merger is expected to close in the first half of 2022, subject to Partners receiving the requisite approval of its stockholders, receipt of all required regulatory approvals, and fulfillment of other customary closing conditions.

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