Business Context and Reporting Period
This Form 8-K, dated October 23, 2009, reports on OceanFirst Financial Corp. (OCFC), a Delaware corporation. The filing discloses an "Other Event" regarding a merger agreement entered into on May 26, 2009, with Central Jersey Bancorp (CJB), a bank holding company headquartered in Oakhurst, New Jersey.
Key Financial Metrics
The filing provides specific financial data for the target company, Central Jersey Bancorp (CJB), as of two reporting dates. Data for OceanFirst Financial Corp. is not included in this text.
| Financial Metric | CJB as of June 30, 2009 | CJB as of September 30, 2009 |
|---|---|---|
| Total Consolidated Assets | $603.3 million | $577.7 million |
| Total Net Loans | $367.5 million | $371.5 million |
| Total Deposits | $444.7 million | $459.8 million |
| Shareholders' Equity | $55.7 million | $56.9 million |
Note: Revenue, profit, cash flow, margins, and debt figures are not provided in this filing text.
Material Changes
- Merger Agreement: OCFC entered into an Agreement and Plan of Merger with CJB on May 26, 2009.
- Asset Base: CJB's total consolidated assets decreased by approximately $25.6 million between June 30, 2009, and September 30, 2009.
- Loan Portfolio: CJB's total net loans increased by approximately $4.0 million during the same period.
- Deposits: CJB's total deposits increased by approximately $15.1 million during the same period.
- Equity: CJB's shareholders' equity increased by approximately $1.2 million during the same period.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future performance, or specific risk factors beyond the disclosure of the merger event. The document serves primarily to incorporate by reference the financial statements of CJB (Exhibits 99.1 and 99.2) as of June 30, 2009, and September 30, 2009.
Investor Verification Checklist
- Verify the terms of the Agreement and Plan of Merger between OceanFirst Financial Corp. and Central Jersey Bancorp.
- Review the full financial statements in Exhibits 99.1 and 99.2 for detailed revenue, expense, and liquidity data not summarized in this text.
- Confirm the regulatory approval status and expected closing date of the merger.
- Assess the impact of the merger on OceanFirst Financial Corp.'s capital structure and liquidity.