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OceanFirst Bank

OceanFirst Bank N.A. is a regional financial institution headquartered in Toms River, New Jersey, founded in 1902 as the Point Pleasant Building and Loan Association. As a subsidiary of OceanFirst Financial Corp. (NASDAQ: OCFC), it operates as one of the largest and oldest community-based banks in New Jersey, providing personal and business banking solutions such as checking and savings accounts, residential and commercial loans, treasury management, trust and asset management services, and digital banking options. With over 40 branches spanning New Jersey, New York, Pennsylvania, Massachusetts, Maryland, and other major metropolitan areas from Boston to Washington, D.C., the bank reported total assets of $14.32 billion as of September 30, 2025. The bank's growth has been marked by strategic , including the 2016 acquisition of Cape Bank and the 2018 merger with Sun National Bancorp, which expanded its footprint and service offerings. Its mission emphasizes helping customers achieve their financial goals while fostering positive community impact through initiatives like the OceanFirst Foundation, established in as the first bank foundation created during a mutual-to-stock , which has donated over $49 million to local charities, schools, and nonprofits. OceanFirst remains committed to innovation, personal service, and employee volunteerism via programs like Wavemakers, reflecting its 120+ year history of serving the Northeastern U.S. communities.

Overview

Founding and Headquarters

OceanFirst Bank traces its origins to 1902, when it was founded as the Point Pleasant Building and Loan Association in . This mutual institution was established by a group of local businesspeople to provide accessible financing for homeownership in the growing coastal communities of Ocean County. From its inception, the association focused on community-based savings and loan services, enabling residents to invest in and build within their neighborhoods through modest and savings products tailored to the region's residential needs. In 1960, the institution underwent a significant rebranding, changing its name to Ocean Federal Savings and Loan Association to reflect its expanded federal charter and ongoing commitment to serving the broader Ocean County area. This name change marked a maturation of its operations while maintaining its core mission of supporting local homeownership and financial stability in coastal New Jersey. The association continued to operate primarily from its original Point Pleasant Beach location during this period, emphasizing personalized services for working families and small-scale real estate development. In 2005, OceanFirst relocated its headquarters from to , establishing it as the central hub for administrative and operational activities. This move positioned the bank more strategically within Ocean County, facilitating efficient oversight of its community-oriented savings and loan initiatives while preserving its roots in promoting homeownership along the Jersey Shore. The headquarters remain in Toms River as of 2025.

Current Operations and Financial Profile

OceanFirst Bank operates as a wholly owned of OceanFirst Financial Corp. (NASDAQ: OCFC) and has functioned as a since its charter conversion in 2018. As of September 30, 2025, the bank held total assets of $14.32 billion. For the full year 2024, OceanFirst Bank reported available to common stockholders of $96.0 million. The bank employs approximately 1,300 people and operates 41 branches, with its primary footprint in and additional presence in , , , and . These locations extend service to key metropolitan areas, including , , , , and , supporting a diverse customer base in residential, commercial, and community banking.

History

Early Development (1902–1995)

OceanFirst Bank traces its origins to January 1, 1902, when it was founded as the Point Pleasant Building and Loan Association in , specifically to promote local homeownership in Ocean County by offering accessible mortgages and savings accounts to community members. This mutual institution emphasized supporting working-class families in coastal areas, aligning with the era's building and loan associations that pooled depositor funds for residential lending. Throughout the mid-20th century, the bank operated as a state-chartered mutual , converting to a federal charter in 1945 to enhance its stability and regulatory framework while continuing to serve County's growing population with a focus on residential mortgages and basic savings products. By the , it had rebranded as Federal to better represent its regional role in fostering community economic ties through conservative, member-oriented banking. The institution's growth accelerated in the , with branch expansions reaching six locations in Ocean County by the mid-decade, including key sites on Arnold Avenue and Richmond Avenue in Point Pleasant, while maintaining a strong emphasis on serving coastal communities via savings accounts and home financing. This period also saw initial forays into neighboring Monmouth County, broadening its footprint to support residential needs in adjacent areas. Prior to 1996, OceanFirst adhered to a mutual ownership structure as a federally chartered —formalized in 1989 when it adopted the name Ocean Federal —prioritizing depositor-members' interests through higher savings yields and lower loan rates rather than external profits, which reinforced its deep integration in and Counties. With operations centered in Point Pleasant and surrounding County areas, it served as the operational hub for these local-focused activities.

Public Conversion and Modern Expansion (1996–Present)

In 1996, OceanFirst underwent a mutual-to-stock conversion, becoming the first in the nation to establish a as part of the process, which facilitated its (IPO) and raised $168 million to support future growth. This transition from a depositor-owned to a publicly traded entity under OceanFirst Financial Corp. enabled access to capital markets and marked a strategic shift toward broader operational capabilities. By 1999, the institution rebranded from Ocean Federal Savings & Loan Association to OceanFirst Bank, reflecting its evolving identity as a regional . This was followed in 2018 by a conversion from a state-chartered to a national , rechartering as OceanFirst Bank N.A., which expanded its regulatory framework and service scope amid integration efforts following key strategic moves. During the and , OceanFirst broadened its offerings by entering commercial banking, building dedicated teams for commercial loans, deposits, and to serve local businesses. Concurrently, the bank invested in digital services, adopting technological advancements for online and to enhance customer accessibility while preserving community-focused operations. In recent years, OceanFirst has further diversified into multifamily lending, originating multi-family loans as a core component of its commercial real estate portfolio by 2022. That same year, it acquired a majority interest in Trident Abstract Title Agency LLC, bolstering its provision of commercial and residential title services across . In 2025, the bank announced it would wind down its residential business, resulting in 114 layoffs, as part of a strategic pivot toward commercial banking.

Leadership and Governance

Executive Management

Christopher D. Maher serves as Chairman and of OceanFirst Financial Corp. and OceanFirst Bank N.A., having assumed the CEO role in 2015 and the Chairman position in January 2017. Maher joined the organization in 2013 as and , roles that involved strategic planning and operational oversight, prior to his elevation to the board in 2014. His tenure underscores a commitment to internal and community-focused banking, evidenced by his active roles as Chairman of the OceanFirst Foundation, a trustee of , and served as a director of the from 2020 until 2025. Joseph J. Lebel III has been President and Chief Operating Officer since January 1, 2021, responsible for supervising the bank's daily operations across its branches and services. Previously serving as Executive Vice President and at OceanFirst, Lebel's career includes senior leadership and revenue-generating positions at Bank N.A., providing deep expertise in community banking and . His internal promotion exemplifies the executive team's emphasis on cultivating talent with longstanding ties to regional banking practices. Among other key executives, Patrick S. Barrett holds the position of Senior Executive Vice President and since June 2, 2022, following internal advancement from Executive Vice President of Finance; his prior experience includes serving as CFO at First Midwest Bank, contributing financial aligned with community-oriented growth. Brian Schaeffer was appointed Executive Vice President and on August 18, 2023, after internal progression from , bringing specialized knowledge in technology to support secure banking operations. George Destafney, Executive Vice President and Chief Community Banking Officer, joined in 2013 as a commercial lending leader and advanced to regional president in 2017, demonstrating the team's focus on internal promotions and expertise in fostering local economic ties through community initiatives.

Board of Directors

The Board of Directors of OceanFirst Financial Corp., the for OceanFirst Bank, consists of 13 members as of the 2025 annual meeting, with 11 directors comprising the majority. This structure ensures robust oversight while aligning with regulatory requirements for public companies. The board's composition reflects a balance of internal and external expertise, with non- directors including Chairman and CEO Christopher D. Maher and and Joseph J. Lebel III. Key standing committees include the , chaired by Grace C. Torres and focused on financial reporting and internal controls; the and Compensation Committee, chaired by Jack M. Farris and responsible for executive pay and ; the Committee, serving as the Nominating and Committee under Chair Anthony R. Coscia to handle director nominations and governance policies; and the Risk Committee, chaired by Nicos Katsoulis to oversee . These committees met regularly in 2024, demonstrating active engagement in oversight functions. Notable board members bring specialized expertise in , , and , often with strong regional ties to and the broader Mid-Atlantic area. For instance, Grace C. Torres, a , contributes financial and audit acumen from her prior roles in banking compliance. In and public service, Anthony R. Coscia, a partner at a prominent New Jersey law firm, and former Kimberly M. Guadagno offer insights into regulatory and governmental matters, with Guadagno also active in community initiatives like the Mercy Center. Community-focused directors include Dalila Wilson-Scott, Vice President of Community Impact at , who emphasizes diversity and regional philanthropy in , and John F. Barros, with economic development experience tied to Boston-area and charities. Governance practices emphasize ethical standards through a comprehensive Code of Ethics applicable to all directors and officers, prohibiting hedging or pledging of company stock, and implementing a policy for incentive compensation. To align with shareholders following the conversion to public ownership, the board maintains stock ownership guidelines—requiring directors to hold shares worth three times their annual retainer—and integrates (ESG) oversight via the Leadership Committee, fostering long-term value creation.

Products and Services

Personal Banking Offerings

OceanFirst Bank provides a range of personal banking products designed for individuals and families, emphasizing accessible deposit accounts, residential lending options, and user-friendly platforms. These offerings cater primarily to customers in and surrounding areas, with features that promote financial flexibility and community involvement. The bank's deposit products include various checking accounts tailored to different needs. The FreeStyle Checking account features no minimum balance requirement, free checks, and no monthly fees for or bill pay, along with protection and zero for when reported within 60 days. The FreshStart Checking account similarly waives minimum balances and per-check charges, making it suitable for those rebuilding , and includes a Card with monitoring and benefits. Savings options encompass the Statement Savings account, which requires a $100 minimum deposit but waives the $5 monthly fee with that balance maintained, and the SaveFirst Statement account, offering a $10 opening bonus, no monthly fees, and competitive rates with access. For higher yields, the provides tiered rates based on balance levels and unlimited withdrawals, while Certificates of Deposit () start at a $500 minimum deposit with terms varying for FDIC-insured growth. Specialized accounts like KidSaveSmart for ages 13-21 include a $5 bonus and no fees, fostering early saving habits among youth. In lending, OceanFirst focuses on residential financing to support homeownership in its core market. Through a with Embrace Home Loans, the bank offers conventional options for first-time and experienced buyers with competitive rates and flexible terms. In September 2025, OceanFirst exited direct , partnering with Embrace Home Loans to continue providing residential financing options to customers. The HelpingHome Loan program allows a 3% without private (PMI) or income limits, provided buyers complete an approved homeownership course. Home equity loans and lines of credit enable homeowners to borrow against property value for renovations or other needs, with straightforward applications and personalized guidance. Personal loans, such as the Cash Value Line of Credit, offer unsecured borrowing for milestones like , emphasizing simple processes and first-time borrower support. Digital tools enhance accessibility for personal banking, with a top-rated supporting / login, mobile check deposits, fund transfers, and for peer-to-peer payments. includes bill pay, eStatements, account alerts, and card controls, all secured with and zero liability. Features like video tellers at select and integration with digital wallets (e.g., ) provide convenient, low-cost access, aligning with the bank's low-fee structure and community-oriented perks for residents, such as free nationwide ATM use and rebates.

Commercial and Business Services

OceanFirst Bank provides a range of and services designed to support enterprises in managing deposits, accessing , and optimizing financial operations. These offerings cater primarily to small, middle-market, and larger clients across its operating regions in , , , and other states including and , with a particular emphasis on sectors such as . Business deposit solutions include commercial checking accounts, such as the Commercial Checking and Commercial Analysis accounts, which facilitate management by segmenting services based on balances and transaction volumes. Money market options, including the Commercial and Commercial High-Yield accounts, offer competitive yields for businesses seeking to earn interest on excess funds while maintaining . Treasury management services enhance these deposits through tools for funds , account , and investment sweeps to maximize returns. In lending, OceanFirst extends loans and financing for acquisition, , and , often tailored to owner-occupied and properties in and suburban markets. Lines of credit provide flexible , with unsecured options up to $50,000 and secured variants up to $250,000, enabling quick funding for operational needs. financing and leasing support business expansion by funding machinery and vehicles, while multifamily lending, underwritten under the same standards as other loans, has been active post-2020, including a $32 million facility for a multifamily in 2021. Specialized services encompass solutions that automate receivables and payables, including lockbox processing for remittances and insured cash sweeps for liquidity optimization. Merchant services integrate with to handle electronic and card payments, supported by the Commercial One card and deposit capabilities via the OFBCONNECT . These tools provide 24/7 digital access for reporting, /wire transfers, and prevention features like positive pay and filtering. Post-2020 enhancements have expanded these services amid banking growth, including the addition of 49 commercial bankers in 2025 to bolster regional delivery. The bank's expansion in services has focused on metro-area industries like and , with new loan production offices in and team hires in to address demand for customized financing in these sectors. This strategic emphasis aligns with OceanFirst's portfolio, where loans constitute a significant portion of its lending activities.

Growth Through Acquisitions

Key Mergers and Acquisitions (2015–2024)

In 2015, OceanFirst Financial Corp. completed the acquisition of Colonial American Bank on August 3, allowing the company to expand its presence in central New Jersey. The all-stock transaction was valued at approximately $11.3 million, with Colonial shareholders receiving 0.3658 shares of OceanFirst common stock per share. In 2016, OceanFirst completed the acquisition of Cape Bancorp, Inc. on May 2 in a transaction valued at approximately $208 million, adding 22 branches in southern and central . Later that year, on November 30, OceanFirst acquired Ocean Shore Holding Co., parent of Ocean City Home Bank, for about $202 million, incorporating 24 branches along the South Jersey shore. The company's growth accelerated in 2018 with the $475 million acquisition of Sun Bancorp, Inc., the parent of Sun National Bank, which closed on January 31. This deal added over 30 community banking centers across 11 counties, significantly enhancing OceanFirst's retail footprint in southern and central regions of the state. In 2019, OceanFirst announced mergers with Two River Bancorp and Country Bank Holding Company, Inc., both of which were completed effective January 1, 2020. The Two River merger, valued at approximately $182.8 million, involved an exchange of 0.6663 OceanFirst shares plus $5.375 in cash per Two River share and added 14 branches and two loan production offices in . Separately, the Country Bank merger was valued at about $102.2 million, with shareholders receiving 2,000 OceanFirst shares per Country share, incorporating five branches in the metropolitan area. OceanFirst pursued further diversification in 2022 by acquiring a majority interest in Trident Abstract Title Agency, LLC, announced on February 3 and completed on April 1, with an option to purchase the remaining stake. That same year, the company entered into a $186 million agreement to acquire Partners Bancorp in November 2021, but the deal was mutually terminated on November 9, 2022, due to prolonged regulatory delays. In 2024, OceanFirst acquired Garden State Home Loans, Inc. on August 3, establishing a new division focused on residential lending and increasing the bank's loan officer headcount by more than 60%. In October 2024, OceanFirst completed the acquisition of Spring Garden Capital Group, LLC, a Philadelphia-based provider of bridge financing for real estate developers, for an undisclosed amount.

Strategic Impacts of Expansions

Through a series of acquisitions initiated after , OceanFirst Bank significantly scaled its operations, growing its total assets from approximately $2.5 billion to over $13 billion by 2023, establishing it as a more robust regional player. This expansion facilitated the addition of branches beyond , including its first retail location in in 2020 and further presence in the metro area, alongside extensions into the metropolitan market. These moves enhanced the bank's footprint in high-growth urban areas, diversifying its deposit base and enabling deeper in competitive Northeast corridors. The integrations from key deals between 2022 and 2024 bolstered service offerings, particularly in mortgage and title sectors; for instance, the 2022 acquisition of Trident Abstract Title Agency introduced comprehensive and closing services, while the 2024 purchases of Garden State Home Loans and Spring Garden Capital Group expanded capabilities by over 60% in loan officer headcount and enhanced bridge financing for commercial developers, respectively. Concurrently, post-acquisition efforts strengthened the commercial lending portfolio, with total loans rising to $10.56 billion by late 2025, reflecting a strategic emphasis on commercial and business financing to support diversified revenue streams. This evolution repositioned OceanFirst from a New Jersey-centric institution to a multi-state regional with a pronounced focus on urban metropolitan markets, improving its competitive stance against larger national players through localized expertise and expanded service depth. However, the strategy faced hurdles, such as the 2022 mutual termination of the proposed Partners Bancorp acquisition due to prolonged regulatory delays that extended beyond initial timelines and shifted focus toward .

Community Engagement

Corporate Sponsorships

OceanFirst Bank engages in corporate sponsorships to foster community visibility and align with regional initiatives along the Jersey Shore. These partnerships emphasize branding opportunities in areas such as , , and local events, distinguishing them from philanthropic grants provided through the OceanFirst Foundation. A prominent example is the 2016 naming rights agreement for the at . Announced on June 21, 2016, this 20-year, $4 million deal renamed the university's multipurpose activity center and arena, providing OceanFirst Bank with prominent branding inside and outside the facility through 2036. The sponsorship supports 's athletic and community programs while enhancing the bank's presence in and regional sports. The bank also supports local events through partnerships focused on arts, sports, and education initiatives. For instance, OceanFirst Bank has sponsored the Ocean Renegades youth basketball program for over 17 years, contributing to community sports development in Ocean County. In the arts sector, it serves as a for the Jersey Shore Partnership's annual Summer Celebration, which promotes cultural and tourism events along the coast. These collaborations extend to educational sponsorships, such as university-related activities at , reinforcing ties to local colleges and youth programs. Sponsorship requests are managed through a dedicated online portal, requiring organizations to operate within OceanFirst Bank's geographic footprint, which spans central and southern . Applications must be submitted at least 30 days in advance via the portal at us.grantrequest.com, including documentation of sponsorship levels and benefits, with decisions communicated by . The process prioritizes regionally aligned initiatives, such as those involving chambers of commerce, universities, and community organizations in Monmouth and Counties, while excluding requests for individual benefits or legislative advocacy. These sponsorships have bolstered OceanFirst Bank's brand presence in the education and entertainment sectors since the 2010s, particularly through high-profile venues like the OceanFirst Bank Center, which hosts university athletics, concerts, and community gatherings. This strategic visibility has strengthened community connections and supported the bank's growth in the Jersey Shore region.

OceanFirst Foundation Activities

The OceanFirst Foundation was established in 1996 in conjunction with OceanFirst Bank's (IPO), becoming the first charitable foundation created by a during a mutual-to-stock . This pioneering structure was funded initially through a one-time endowment of $13.4 million in OceanFirst stock, approved by the bank's depositors, to support community initiatives in its operational footprint. Since its inception, the foundation has distributed over $49 million in grants to numerous nonprofit organizations, fostering long-term across central and southern . Its grantmaking emphasizes key areas including , and wellness, , and disaster relief, with representative examples such as scholarships for and support for housing programs addressing special populations' needs. Notably, following Superstorm Sandy in 2012, the foundation launched a $500,000 recovery grant program to aid immediate relief and long-term rebuilding efforts in affected communities. The foundation operates under its own , which includes members from OceanFirst Bank's . It receives annual funding primarily through contributions from the bank, enabling sustained grant awards that prioritize nonprofit partners promoting , , and to .

Legal and Regulatory Matters

Fair Lending Settlement (2024)

In September 2024, the U.S. Department of Justice (DOJ) and the U.S. Department of Housing and Urban Development () filed a against OceanFirst Bank, alleging that the engaged in practices from 2018 to at least 2022. The specifically claimed that OceanFirst avoided providing lending services in predominantly , , and Asian neighborhoods within the New Brunswick-Lakewood, metropolitan area, encompassing , , and Counties. These practices included concentrating marketing and outreach efforts on majority-white communities, strategically locating branches and loan officers in such areas, and closing or failing to open facilities in majority-minority tracts, thereby restricting access to credit for residents based on , color, or . The alleged violations contravened the (ECOA) and the Fair Housing Act (FHA), which prohibit discrimination in lending by denying or limiting credit opportunities in majority-minority areas. To resolve the matter, OceanFirst entered into a voluntary conciliation agreement and consent order with DOJ and , committing over $15 million in total relief without admitting liability. The agreement allocates $14 million to a loan subsidy fund aimed at increasing mortgage access for qualified borrowers in the affected counties, $400,000 to partnerships for professional services supporting lending expansion, and $700,000 ($140,000 annually over five years) for targeted advertising, outreach, and financial education programs, including credit counseling workshops. As part of the remedial actions, OceanFirst agreed to open and maintain a full-service and a loan production office in majority-minority areas, hire a of Community Lending and additional loan officers dedicated to these neighborhoods, and conduct a credit within 90 days of the order's effective date. The bank also committed to providing annual fair lending training for relevant staff, adhering to HUD's guidelines, and undergoing periodic compliance reviews to ensure ongoing adherence to anti-discrimination laws. In response, OceanFirst's Chairman and CEO Christopher D. Maher stated that the commitments align with the bank's long-standing history of serving diverse , emphasizing proactive cooperation with the investigation. This settlement forms part of a broader DOJ initiative since 2021, which has resulted in over $140 million in similar agreements with lenders as of November 2025.

Community Reinvestment Act Compliance

OceanFirst Bank National Association received a "Needs to Improve" rating under the Community Reinvestment Act (CRA) from the Office of the Comptroller of the Currency (OCC) in its 2023 evaluation, which covered the period from 2018 to 2020 and cited evidence of discriminatory credit practices as a primary factor in the downgrade from a prior "Satisfactory" assessment. By contrast, in its May 2025 CRA performance evaluation, covering the period from 2021 to 2023, the OCC upgraded the bank's rating to the highest possible "Outstanding," recognizing substantial enhancements in meeting the credit needs of low- and moderate-income communities across its assessment areas in New Jersey and New York. This improvement followed a 2024 settlement with federal regulators addressing historical redlining concerns, during which the bank committed to expanded services in underserved areas. To bolster CRA compliance, OceanFirst has prioritized qualified investments in and , including mortgage-backed securities and direct funding for low-income multifamily projects; for instance, in the MSA assessment area, 94.1% of its $48.9 million in qualified investments from 2021 to 2023 supported initiatives. The bank has also strengthened lending in underserved geographies, originating loans that achieved adequate to strong distribution in low-income tracts—for example, 6.9% of small business loans in the Philadelphia MSA targeted low-income areas, surpassing the 7.7% share of es in those tracts during the evaluation period. These efforts contributed to "Outstanding" and "High " subratings in the lending and investment tests for key markets. In response to prior shortcomings, OceanFirst opened and maintained full-service branches and loan production offices in majority-Black, Hispanic, and Asian neighborhoods in , enhancing physical access to banking services in minority communities as part of post-settlement remediation. The bank develops annual CRA strategic plans that incorporate public input through community meetings and comment periods, ensuring alignment with local credit needs. Since 2010, OceanFirst's cumulative community development loans and investments have exceeded $100 million, with recent years showing accelerated commitments, such as $145 million in loans and over $25 million in investments in 2024 alone, demonstrating sustained responsiveness to CRA objectives.

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