Add-on Acquisition • Financial Services

OceanFirst Financial Acquires Sun Bank

On June 30, 2017, OceanFirst Financial acquired financial services company Sun Bank for 487M USD

Acquisition Context
  • This is OceanFirst Financial’s 3rd transaction in the Financial Services sector.
  • This is OceanFirst Financial’s largest (disclosed) transaction.
  • This is OceanFirst Financial’s 3rd transaction in the United States.
  • This is OceanFirst Financial’s 2nd transaction in New Jersey.

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M&A Deal Summary

Date June 30, 2017
Target Sun Bank
Sector Financial Services
Buyer(s) OceanFirst Financial
Deal Type Add-on Acquisition
Deal Value 487M USD
Advisor(s) Sandler O'Neill + Partners (Financial)
Wachtell, Lipton, Rosen & Katz (Legal)

Target Company

Sun Bank

Mount Laurel, New Jersey, United States
Sun Bank is a provider of commercial and retail banking services. Sun Bank serves the New Jersey region with community banking centers across eleven New Jersey counties, as well as through commercial lending offices in Edison and Mount Laurel, New Jersey, and Manhattan, New York. Sun Bank is based in Mount Laurel, New Jersey.
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Buyer Overview 1

Buyer

OceanFirst Financial

Red Bank, New Jersey, United States

Category Company
Founded 1902
Sector Financial Services
Employees975
Revenue 380M USD (2024)
DESCRIPTION

OceanFirst Financial is a federally chartered stock savings bank with $2.2 billion in assets and is the largest community-based financial institution headquartered in Ocean County. OceanFirst Financial was founded in 1902 and is based in Red Bank, New Jersey.


Deal Context for Buyer #
Overall 3 of 4
Sector: Financial Services 3 of 3
Type: Add-on Acquisition 3 of 4
State: New Jersey 2 of 3
Country: United States 3 of 4
Year: 2017 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-02 Cape Bancorp

Cape May Court House, New Jersey, United States

Cape Bancorp, Inc. is a provider of retail and commercial banking services to a variety of individual and small- to mid-sized businesses.

Buy $206M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-03 Trident Abstract Title Agency

Wall, New Jersey, United States

Trident Abstract Title Agency is a family-owned and operated business that provides commercial and residential title services that write title insurance through all of the nation’s underwriters and through strategic alliances can also service clients’ title insurance needs outside of New Jersey. Trident Abstract Title Agency was founded in 1975 and is based in Wall, New Jersey.

Buy -