Flushing Financial Acquisition | Financial Services Deal in NJ

OceanFirst Financial Corp. has completed the acquisition of Flushing Financial, a banking business in New Jersey, for $225 million. Flushing Financial provides commercial and residential lending and related financial services, strengthening OceanFirst’s regional footprint across New Jersey and New York. As part of financial services M&A, OceanFirst is repositioning its balance sheet after the Flushing Financial acquisition by agreeing to sell $1.4 billion of multifamily loans, a divestiture acquisition action tied to the strategic acquisition. The loan sale is expected to close by the end of the second quarter, with proceeds planned for highly liquid, investment-grade securities, and the bank targets reduced commercial real estate concentration and lower exposure to rent-regulated properties in New York City.