Exhibit 99.1

Central Jersey Bancorp Press Release

Central Jersey Bancorp Reports Operating Results for Third Quarter of 2009

OAKHURST, NEW JERSEY, October 22, 2009 (NASDAQ Global Market: CJBK):

Central Jersey Bancorp, the parent company of Central Jersey Bank, N.A., reported net income and net income available to common shareholders of $920,000 and $734,000, respectively, for the three months ended September 30, 2009, as compared to $1.03 million for both for the same period in 2008.  The net income available to common shareholders figure takes into account $186,000 in preferred stock dividends paid to the U.S. Department of the Treasury as part of the Capital Purchase Program during the three months ended September 30, 2009.  Basic and diluted earnings per share for the three months ended September 30, 2009 and 2008 were $0.08 and $0.11, respectively.

For the nine months ended September 30, 2009, Central Jersey Bancorp reported net income and net income available to common shareholders, excluding a non-cash goodwill impairment charge, of $1.9 million and $1.3 million, respectively, as compared to $2.3 million for both for the same period in 2008.  The net income available to common shareholders figure takes into account $557,000 in preferred stock dividends paid to the U.S. Department of the Treasury as part of the Capital Purchase Program during the nine months ended September 30, 2009.  The decrease in net income is primarily attributable to $4.5 million in provision for loan losses recorded during the nine months ended September 30, 2009, resulting from credit deterioration due to general economic conditions.  This charge was partly mitigated by $2.8 million in gains realized from the sale of investment securities during the period.  Central Jersey Bancorp recognized a second quarter $27.0 million goodwill impairment charge, resulting in a net loss available to common shareholders of $25.6 million for the first nine months of 2009.  Basic and diluted loss per share for the nine months ended September 30, 2009 were ($2.82), as compared to basic and diluted earnings per share of $0.25 and $0.24, respectively, for the same period in 2008.  Per share earnings were adjusted in all periods to reflect the 5% stock dividend paid on July 1, 2008.

The $27.0 million in goodwill was recorded on January 1, 2005 in conjunction with the combination with Allaire Community Bank.  The goodwill impairment charge was a non-cash adjustment to Central Jersey Bancorp’s financial statements which did not affect cash flows, liquidity, or tangible capital.  As goodwill is excluded from regulatory capital, the impairment charge did not impact regulatory capital ratios of Central Jersey Bancorp or Central Jersey Bank, N.A., both of which remain “well-capitalized” under regulatory requirements.  The goodwill impairment charge was recorded in accordance with SFAS No. 142, Goodwill and Other Intangible Assets, which requires an interim goodwill impairment analysis under certain events including “a more-likely-than-not expectation that a reporting unit will be sold.”

The respective shareholders of Central Jersey Bancorp and OceanFirst Financial Corp. approved the merger of Central Jersey Bancorp with and into OceanFirst Financial Corp. at special meetings of shareholders held by each company on October 1, 2009.  OceanFirst Financial Corp. and Central Jersey Bancorp expect to consummate the merger in the fourth quarter of 2009.  Completion of the merger remains subject to regulatory approval and certain other conditions in accordance with the terms of the Agreement and Plan of Merger, dated as of May 25, 2009, by and between OceanFirst Financial Corp. and Central Jersey Bancorp.  Upon closing, Central Jersey Bancorp shareholders will receive 0.50 share of OceanFirst Financial Corp. common stock for each Central Jersey Bancorp share held.

Results of Operations

Net interest income was $4.7 million and $13.8 million for the three months and nine months ended September 30, 2009, respectively, as compared to $5.0 million and $13.6 million, respectively, for the same periods in 2008.  Net interest income for the three months ended September 30, 2009 and 2008 was comprised primarily of $5.4 million in interest and fees on loans during each period, $1.2 million and $2.0 million, respectively, in interest on investment securities and $61,000 and $60,000, respectively, in interest income on federal funds sold and due from banks, less interest expense on deposits of $1.7 million and $2.0

million, respectively, interest expense on borrowed funds of $236,000 and $429,000, respectively, and interest expense on subordinated debentures of $43,000 and $78,000, respectively.  Net interest income for the nine months ended September 30, 2009 and 2008 was comprised primarily of $15.4 million and $15.8 million, respectively, in interest and fees on loans, $4.6 million and $5.5 million, respectively, in interest on investment securities and $198,000 and $332,000, respectively, in interest income on federal funds sold and due from banks, less interest expense on deposits of $5.5 million and $6.9 million, respectively, interest expense on borrowed funds of $730,000 and $989,000, respectively, and interest expense on subordinated debentures of $150,000 and $252,000, respectively.

For the three and nine months ended September 30, 2009, the average yield on interest-earning assets was 4.33% and 4.98%, respectively, as compared to 5.87% and 5.96%, respectively, for the same periods in 2008.  The average cost of deposits and interest-bearing liabilities for the three and nine months ended September 30, 2009 was 1.71% and 1.90%, respectively, as compared to an average cost of 2.45% and 2.77%, respectively, for the same periods in 2008.  The decrease in both the average yield on interest-earning assets and the average cost of deposits and interest-bearing liabilities for the three and nine months ended September 30, 2009 was primarily due to the significant reduction in the general level of short term interest rates and the 500 basis point reduction in the Prime Rate of interest which occurred between September 2007 and December 2008.  The average net interest margin for the three and nine months ended September 30, 2009 was 3.38% and 3.35%, respectively, as compared to 3.99% and 3.78%, respectively, for the same periods in 2008.  The market remains very competitive for deposit and loan pricing.

For the three and nine months ended September 30, 2009, the provision for loan losses was $1.1 million and $4.5 million, respectively, as compared to $252,000 and $399,000, respectively, for the same periods in 2008.  The recorded provision for loan losses was mostly related to the credit risk rating downgrade of certain performing  loans, a $2.5 million increase in the specific reserve of certain impaired loans and loan charge-offs totaling $717,000.  The significant increase in the provision for loan losses is due to the credit deterioration of certain commercial and commercial real estate loans as a result of general economic conditions.

Non-interest income, which consists of gains on the sale of investment securities available-for-sale, service charges on deposit accounts, gains on the sale of loans held-for-sale and income from bank owned life insurance, was $1.5 million and $4.5 million, respectively, for the three and nine months ended September 30, 2009, as compared to $844,000 and $2.0 million, respectively, for the same period in 2008.  Of this amount, gains on the sale of investment securities available-for-sale totaled $731,000 and $2.8 million, respectively, for the three and nine months ended September 30, 2009, as compared to $340,000 and $402,000, respectively, for the same periods in 2008.  Gains on the sale of loans held-for-sale were $304,000 and $510,000, respectively, for the three and nine months ended September 30, 2009, as compared to $81,000 and $348,000, respectively, for the same periods in 2008.

Non-interest expense was $4.1 million and $39.1 million, respectively, for the three and nine months ended September 30, 2009, as compared to $4.0 million and $11.7 million for the same periods in 2008.  The increase in non-interest expense for the nine months ended September 30, 2009 was directly related to the one-time, $27.0 million non-cash goodwill impairment charge.  Non-interest expense generally includes costs associated with employee salaries and benefits, occupancy expenses, data processing fees, core deposit intangible amortization and other operating expenses.

Financial Condition

Central Jersey Bancorp’s assets, at September 30, 2009, totaled $577.7 million, a decrease of $21.7 million, or 3.6%, from the December 31, 2008 total of $599.4 million.  The decrease in total assets was due primarily to the one-time, non-cash goodwill impairment charge of $27.0 million.

Cash and cash equivalents were $71.0 million at September 30, 2009, an increase of $61.2 million over the December 31, 2008 total of $9.8 million.  The increase in liquidity is due primarily to the timing of cash flows related to Central Jersey Bank, N.A.’s business activities and the sale of investment securities.

Investment securities totaled $114.2 million at September 30, 2009, a decrease of $71.2 million, or 38.4%, from the December 31, 2008 total of $185.4 million.  The decrease was primarily due to the sale of $119.4 million of mortgage backed securities, $37.1 million of municipal bond and note obligations and $10.0 million of government-sponsored agency securities.  For the nine months ended September 30, 2009, principal pay downs of securities totaled $24.6 million, purchases of mortgage-backed securities totaled $43.2 million, municipal bond and note obligations totaled $94.1 million, purchases of government-sponsored agency securities totaled $21.8 million, $35.3 million of government-sponsored agency securities were matured and/or called, $707,000 of municipal bonds were matured and/or called and net premium/discount amortization totaled $2.4 million.  In addition, at September 30, 2009, the net change of the unrealized gain on available-for-sale securities decreased by $881,000 from December 31, 2008.

There were no loans held-for-sale at September 30, 2009, as compared to $400,000 at December 31, 2008.  The decrease in loans held-for-sale is due primarily to the timing of residential mortgage loan closings.

Loans, net of the allowance for loan losses, totaled $371.5 million at September 30, 2009, an increase of $15.2 million, or 4.3%, over the $356.3 million balance at December 31, 2008.  Gross loans totaled $380.2 million at September 30, 2009, an increase of $19.2 million, or 5.3%, over the $361.0 million balance at December 31, 2008.  The increase in loan balances was due primarily to the origination of commercial real estate loans, consumer home equity loans and lines of credit during the period off set by principal pay downs.

Deposits, at September 30, 2009, totaled $459.8 million, an increase of $41.0 million, or 9.8%, over the December 31, 2008 total of $418.8 million.  The increase in deposit balances was reflective of continued core deposit growth that occurred throughout Central Jersey Bank, N.A.’s retail franchise.

Other borrowings were $54.1 million at September 30, 2009, as compared to $71.7 million at December 31, 2008, a decrease of $17.6 million, or 25.0%.  The decrease was primarily due to a decrease in overnight borrowings of $27.5 million to a zero balance at September 30, 2009.  This was offset by the growth in the bank’s subsidiary’s sweep account product for business customers of $10.0 million.

At September 30, 2009, book value per share and tangible book value per share were $4.95 and $4.82, respectively, as compared to $7.91 and $4.75, respectively, at December 31, 2008.

Asset Quality

The allowance for loan losses (“ALL”), which began the year at $4.7 million, or 1.31% of total loans, increased to $8.7 million at September 30, 2009, or 2.28% of total loans.  Non-performing loans totaled $21.1 million at September 30, 2009, as compared to $2.7 million at December 31, 2008.  The increase in non-performing loans was due primarily to certain commercial loans which were placed on non-accrual status and/or deemed to be impaired during the nine months ended September 30, 2009.  The loans which were deemed to be impaired required a specific reserve in accordance with SFAS No. 114, Accounting by Creditors for Impairment of a Loan.  There were $2,000 and $717,000, respectively, in loan charge-offs during the three and nine months ended September 30, 2009, as compared to no loan charge-offs for the same periods in 2008.

Asset Quality Statistics

	For the three months ended
(dollars in thousands)	September 30, 2009			December 31, 2008			September 30, 2008
Provision for loan losses	$	1,058		$	920		$	252
Net charge-offs	$	2			--			--
Net charge-off ratio (annualized)		0.01	%		--			--
Average loans outstanding		379,609			353,324			324,078
	At			At			At
(dollars in thousands)	September 30, 2009			December 31, 2008			September 30, 2008
Non-performing loans (“NPL”) (includes non- accrual and impaired loans)	$	21,105		$	2,690		$	974
NPL to total loans ratio		5.55	%		0.75	%		0.30	%
Total ALL to total NPL		0.41	x		1.76	x		3.92	x
NPL to tangible common equity + ALL ratio		39.80	%		5.66	%		2.18	%
NPL to Tier I capital + ALL ratio		38.02	%		5.46	%		1.97	%
Allowance for loan losses	$	8,677		$	4,741		$	3,817
Allowance for loan losses to total loans ratio		2.28	%		1.31	%		1.10	%
Total loans	$	380,206		$	360,998		$	347,043
Tangible common equity	$	44,349		$	42,751		$	40,806
Tier I capital	$	46,829		$	44,440		$	45,531

About the Company

Central Jersey Bancorp is the holding company and sole shareholder of Central Jersey Bank, N.A.  Central Jersey Bank, N.A. provides a full range of banking services to both individual and business customers through thirteen branch facilities located in Monmouth and Ocean Counties, New Jersey.  Central Jersey Bancorp is traded on the NASDAQ Global Market under the trading symbol “CJBK.”  Central Jersey Bank, N.A. can be accessed through the internet at CJBNA.com.

Forward Looking Statements

Statements about the future expectations of Central Jersey Bancorp and its subsidiary, Central Jersey Bank, N.A., including future revenues and earnings, and all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Since these statements involve risks and uncertainties and are subject to change at any time, the companies’ actual results could differ materially from expected results.  Among these risks, trends and uncertainties are the effect of governmental regulation on Central Jersey Bank, N.A., interest rate fluctuations, regional economic and other conditions, the availability of working capital, the cost of personnel and technology, and the competitive market in which Central Jersey Bank, N.A.

Contacts

James S. Vaccaro, President and CEO, 732-663-4040

Robert S. Vuono, Sr. EVP & COO, 732-663-4041

Anthony Giordano, III, EVP and CFO, 732-663-4042

CENTRAL JERSEY BANCORP

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(unaudited)

(dollars in thousands, except share amounts)

	September 30,			December 31,
ASSETS	2009			2008
Cash and due from banks	$	20,217		$	9,306
Federal funds sold		50,774			461
Cash and cash equivalents		70,991			9,767
Investment securities available-for-sale, at fair value		104,363			170,683
Investment securities held-to-maturity (fair value of $10,245 and $15,124, respectively, at September 30, 2009 and December 31, 2008)		9,832			14,679
Federal Reserve Bank stock		1,848			1,960
Federal Home Loan Bank stock		1,821			2,940
Loans held-for-sale		--			400
Loans		380,206			360,998
Less: Allowance for loan losses		8,677			4,741
Loans, net		371,529			356,257
Accrued interest receivable		2,224			2,251
Premises and equipment		6,063			6,303
Bank owned life insurance		3,784			3,685
Goodwill		--			26,957
Core deposit intangible		1,134			1,444
Other assets		4,084			2,059
Total assets	$	577,673		$	599,385
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Non-interest bearing	$	81,223		$	75,947
Interest bearing		378,604			342,868
		459,827			418,815
Borrowings		54,143			71,741
Subordinated debentures		5,155			5,155
Accrued expenses and other liabilities		1,600			1,546
Investment securities purchased not settled		--			19,676
Total liabilities		520,725			516,933
Shareholders’ equity:
Common stock, par value $0.01 per share.  Authorized 100,000,000 shares,
9,192,514 and 9,000,531 shares outstanding, and 9,438,962 and
9,246,979 shares issued, respectively, at September 30, 2009 and
December 31, 2008		92			90
Preferred stock, liquidation value $1,000 per share. Authorized 10,000,000
shares and issued and outstanding 11,300 shares at September 30, 2009
and December 31, 2008		11,300			11,300
Additional paid-in capital		65,161			64,502
Accumulated other comprehensive income, net of tax expense		1,390			1,925
Treasury stock - 246,448 shares at September 30, 2009 and
December 31, 2008		(1,806	)		(1,806	)
(Accumulated deficit)/retained earnings		(19,189	)		6,441
Total shareholders’ equity		56,948			82,452
Total liabilities and shareholders’ equity	$	577,673		$	599,385

CENTRAL JERSEY BANCORP

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

(dollars in thousands, except per share amounts)

	Three months ended				Nine months ended
	September 30,				September 30,
	2009		2008		2009			2008
Interest and dividend income:
Interest and fees on loans	$	5,362	$	5,414	$	15,399		$	15,838
Interest on securities available-for-sale		1,102		1,782		4,100			5,056
Interest on securities held-to-maturity		126		173		495			478
Interest on federal funds sold and due from banks		61		60		198			332
Total interest and dividend income		6,651		7,429		20,192			21,704
Interest expense:
Interest expense on deposits		1,656		1,962		5,547			6,864
Interest expense on other borrowings		236		429		730			989
Interest expense on subordinated debentures		43		78		150			252
Total interest expense		1,935		2,469		6,427			8,105
Net interest income		4,716		4,960		13,765			13,599
Provision for loan losses		1,058		252		4,510			399
Net interest income after provision for loan losses		3,658		4,708		9,255			13,200
Other income:
Gain on sale of securities available-for-sale		731		340		2,799			402
Service charges on deposit accounts		397		393		1,117			1,157
Gain on sale of loans held-for-sale		304		81		510			348
Income on bank owned life insurance		34		30		100			89
Total other income		1,466		844		4,526			1,996
Operating expenses:
Salaries and employee benefits		1,964		1,975		5,774			5,841
Net occupancy expenses		487		478		1,422			1,385
Data processing fees		245		272		709			708
Core deposit intangible amortization		103		121		310			362
Goodwill impairment		--		--		26,957			--
Other operating expenses		1,269		1,145		3,890			3,394
Total other expenses		4,068		3,991		39,062			11,690
Income (loss) before provision for income taxes		1,056		1,561		(25,281	)		3,506
Income tax expense (benefit)		136		536		(207	)		1,189
Net income (loss)		920		1,025		(25,074	)		2,317
Preferred stock dividend		141		--		423			--
Preferred stock discount amortization		45		--		134			--
Net income (loss) available to common shareholders	$	734	$	1,025	$	(25,631	)	$	2,317
Basic earnings (loss) per share	$	0.08	$	0.11	$	(2.82	)	$	0.25
Diluted earnings (loss) per share	$	0.08	$	0.11	$	(2.82	)	$	0.24
Average basic shares outstanding		9,140,796		9,074,977		9,082,641			9,118,884
Average diluted shares outstanding		9,379,394		9,504,798		9,320,549			9,544,772

The table below provides selected performance ratios for the three and nine months ended September 30, 2009.  The ratios and other financial data exclude the impact of the previously-disclosed $27.0 million goodwill impairment charge.

Performance Ratios (unaudited) (dollars in thousands)	Three Months Ended September 30,						Nine Months Ended September 30,
Ratio	2009			2008			2009			2008
Return on average assets		0.63	%		0.75	%		0.42	%		0.58	%
Return on average tangible assets		0.64	%		0.79	%		0.43	%		0.62	%
Return on average equity		6.46	%		5.99	%		3.42	%		4.49	%
Return on average tangible equity		6.60	%		10.35	%		4.40	%		7.69	%
Efficiency ratio		65.80	%		68.76	%		66.18	%		74.96	%
Efficiency ratio (less core deposit intangible amortization expense)		64.15	%		66.68	%		64.50	%		72.64	%
Operating expense ratio		2.76	%		2.93	%		2.72	%		2.95	%
Net interest margin		3.38	%		3.99	%		3.35	%		3.78	%
Ratio Calculations
Efficiency ratio:
Net interest income	$	4,716		$	4,960		$	13,765		$	13,599
Non-interest income		1,466			844			4,526			1,996
Total revenue		6,182			5,804			18,291			15,595
Non-interest expense	$	4,069		$	3,991		$	12,105		$	11,690
Ratio		65.80	%		68.76	%		66.18	%		74.96	%
Efficiency ratio (less core deposit intangible amortization expense):
Net interest income	$	4,716		$	4,960		$	13,765		$	13,599
Non-interest income		1,466			844			4,526			1,996
Total revenue		6,182			5,804			18,291			15,595
Non-interest expense	$	4,069		$	3,991		$	12,105		$	11,690
Less:  Core deposit amortization expense		(103	)		(121	)		(310	)		(362	)
Non-interest expense (less core deposit intangible amortization expense)	$	3,966		$	3,870		$	11,795		$	11,328
Ratio		64.15	%		66.68	%		64.50	%		72.64	%
Operating expense ratio:
Average assets	$	583,750		$	541,665		$	595,903		$	529,295
Non-interest expense	$	4,069		$	3,991		$	39,062		$	11,690
Ratio		2.76	%		2.93	%		2.72	%		2.95	%