Subsequent Event

12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

Subsequent Event

(19) Subsequent Event

On January 5, 2016, the Company announced an agreement to acquire Cape Bancorp (“Cape”), headquartered in Cape May Court House, New Jersey, in a transaction valued at approximately $208.1 million. Under the terms of the agreement, Cape stockholders will be entitled to receive $2.25 in cash and 0.6375 shares of OceanFirst common stock, for each share of Cape common stock. The transaction is expected to close in the summer of 2016, subject to certain conditions, including the approval by stockholders of each company, receipt of all required regulatory approvals and customary closing conditions.

Cape is a New Jersey chartered savings bank originally founding in 1923. Cape operates twenty-two full-service banking offices and five loan offices. Three of the loan offices are located in New Jersey servicing Burlington, Cape May and Atlantic counties. Two of the loan offices are in Pennsylvania servicing the five county Philadelphia market, located in Radnor, Delaware County and in Philadelphia (opened in Center City in January 2015).