OceanFirst to Acquire Flushing Financial in $579M Deal
OceanFirst Financial Corp. has agreed to acquire Flushing Financial Corp. in an all-stock transaction valued at approximately $579 million, creating a high-performing regional bank with deep penetration across New Jersey and the New York metropolitan area. Concurrently, OceanFirst announced a strategic partnership with Warburg Pincus, which has committed to invest $225 million in the combined entity upon closing.
The merger accelerates OceanFirst’s expansion into Long Island, Queens, Brooklyn, and Manhattan. Once completed, the combined institution will hold approximately $23 billion in assets, $17 billion in loans, and $18 billion in deposits across 71 retail branches.
“This acquisition represents a natural extension of our proven growth strategy,” said Christopher Maher, Chair and CEO of OceanFirst. “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.”
Under the agreement, Flushing stockholders will receive 0.85 shares of OceanFirst common stock for each Flushing share. Post-merger, OceanFirst shareholders will own approximately 58% of the combined company, Flushing shareholders 30%, and Warburg Pincus 12%.
Maher will continue as CEO of the combined holding company, while Flushing CEO John Buran will join as non-executive Chairman of the Board. Todd Schell, Managing Director at Warburg Pincus, will also join the board.
The transaction is expected to close in the second quarter of 2026.