OceanFirst Financial (OCFC) and Central Jersey (CJBK) Terminate Merger Agreement
Up)
OceanFirst Financial Corp. (NASDAQ: OCFC) and Central Jersey Bancorp (NASDAQ: CJBK) today announced their mutual agreement to terminate the agreement and plan of merger entered into by OceanFirst and Central Jersey on May 26, 2009, without penalty to either party. Regulatory approval for the merger of Central Jersey with and into OceanFirst has not yet been obtained and, as a result, the merger cannot be completed by December 31, 2009 as contemplated by the merger agreement.
In a joint statement, James S. Vaccaro, President and Chief Executive Officer of Central Jersey, and Vito R. Nardelli, Executive Vice President and Chief Operating Officer of OceanFirst Bank, stated: "We believed on May 26, 2009 that the combination of these two institutions was in the best interest of our customers, shareholders, employees and our communities. We still believe that today, however, the current environment is such that obtaining regulatory approval has taken much longer than we anticipated and has reached a point where we believe that continuing to wait for this approval is not in the best interest of either company."
In a joint statement, James S. Vaccaro, President and Chief Executive Officer of Central Jersey, and Vito R. Nardelli, Executive Vice President and Chief Operating Officer of OceanFirst Bank, stated: "We believed on May 26, 2009 that the combination of these two institutions was in the best interest of our customers, shareholders, employees and our communities. We still believe that today, however, the current environment is such that obtaining regulatory approval has taken much longer than we anticipated and has reached a point where we believe that continuing to wait for this approval is not in the best interest of either company."
You May Also Be Interested In
- Auxilium (AUXL) Files Suit Against Watson (WPI) Over Testim 1% Gel
- Hill International (HIL) Receives $16.1 Million Contract From LA County Metro Transportation Authority
- QLT Inc. (QLTI) Announces Board Will Propose $75-$100M Dutch Auction Tender Offer
Create E-mail Alert Related Categories
Corporate NewsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
