OceanFirst Stock Slips 6.6% After Merger And Strategic Investment Announcement

(RTTNews) - OceanFirst Financial Corp. (OCFC) shares fell 6.64%, trading at $18.29, down $1.30, following news that the bank holding company entered a merger agreement with Flushing Financial Corporation and received a $225 million strategic investment from Warburg Pincus.

The announcement detailed that OceanFirst and Flushing will combine in a transaction expected to create a stronger regional banking platform, while Warburg Pincus' investment is designed to support growth initiatives and enhance the combined company's capital position.

On the day of the announcement, OCFC opened near $19.50, dipped to an intraday low of $17.85, and saw a high of $19.60, compared with a previous close of $19.59 on the Nasdaq.

Trading volume was heavier than average, reflecting investor reaction to the merger and strategic investment news. OceanFirst Financial's 52-week range is approximately $15.20 - $22.40.