Country Bank Holding Company, Inc., parent company of Country Bank, has announced the signing of a definitive merger agreement with OceanFirst Financial Corp., parent company of OceanFirst Bank N.A.
Under the agreement, OceanFirst will acquire CYHC and upon completion of the merger, Country Bank will merge into OceanFirst Bank. The transaction is valued at approximately $46,280 per CYHC common share or approximately $102.2 million in the aggregate based on OceanFirst’s closing stock price of $23.14 as of August 8, 2019.
“We are very pleased about partnering with a high-performing company that shares our community banking culture and values. We find the strategic fit of the two organizations compelling, especially for our customers that will benefit from the broader array of products and services, and for our stockholders,” said Joseph M. Murphy, CYHC Chairman and Chief Executive Officer.
OceanFirst was founded in 1902 and is an $8.0 billion regional bank operating throughout New Jersey, metropolitan Philadelphia and metropolitan New York City. OceanFirst Bank delivers commercial and residential financing solutions, trust and asset management and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey.
The completion of the merger is expected to close in the first quarter of 2020, subject to CYHC receiving the requisite approval of its shareholders, receipt of all required regulatory approvals, and fulfillment of other customary closing conditions.
OceanFirst also announced the signing of a merger agreement with Two River Bancorp, the parent holding company of Two River Community Bank, headquartered in Tinton Falls, New Jersey. Founded in 2000, Two River is a full-service community bank operating 14 branch locations and 2 loan production offices in Monmouth, Ocean, Union and Essex Counties. At June 30, 2019, Two River had $1.2 billion in assets, $953.1 million in loans, $972.6 million in deposits and $121.4 million in shareholders’ equity.
Sandler O’Neill & Partners, L.P. served as financial advisor to CYHC and Luse Gorman, PC served as CYHC’s legal counsel. Piper Jaffray & Co. served as financial advisor to OceanFirst and Skadden, Arps, Slate, Meagher & Flom LLP served as OceanFirst’s legal counsel.
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