OceanFirst Financial Corp. Announces Pricing of Depositary Shares Offering

RED BANK, N.J., May 04, 2020 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ: “OCFC”), (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”),  announced today that it has priced a public offering of 2,200,000 depositary shares with a liquidation preference of $25.00 per share (the "Depositary Shares"), for gross proceeds of $55,000,000 before deducting underwriting discounts and other estimated offering expenses. Each Depositary Share represents a 1/40th interest in a share of the Company's 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A. In connection with the offering, the Company has granted the underwriters an option for 30 days to purchase up to an additional 330,000 Depositary Shares. The Company intends to apply to list the Depositary Shares on The Nasdaq Global Select Market under the symbol "OCFCP."  The offering is subject to customary closing conditions and is expected to close on or about May 7, 2020. On May 1, 2020, the Company also completed an offering (the “Notes Offering”) of $125.0 million of its 5.25% fixed-to-floating rate subordinated notes due 2030.

The Company intends to use the net proceeds from this offering and the Notes Offering for general corporate purposes, which may include providing capital to support its organic growth or growth through strategic acquisitions, repaying indebtedness, financing investments, capital expenditures, repurchasing shares of its common stock and for investments in the Bank as regulatory capital.

Piper Sandler & Co. and Raymond James & Associates, Inc. are acting as joint book-running managers for the offering. 

This offering is being made only by means of a prospectus supplement and accompanying base prospectus. The Company has filed a registration statement (File No. 333-237356) and a preliminary prospectus supplement to the base prospectus contained in the registration statement with the U.S. Securities and Exchange Commission (the “SEC”) for the Depositary Shares to which this communication relates and will file a final prospectus supplement relating to the Depositary Shares. Prospective investors should read the prospectus supplement and base prospectus in the registration statement and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering.