OceanFirst Financial Corp. (OCFC) Announces Strategic Combination of Central Jersey Bancorp (CJBK)
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OceanFirst Financial Corp. (Nasdaq: OCFC) and Central Jersey Bancorp (Nasdaq: CJBK) announced the signing of an agreement and plan of merger, pursuant to which Central Jersey will merge with and into OceanFirst in an all stock transaction. Under the terms of the agreement, Central Jersey common stockholders will receive 0.50 shares of OceanFirst common stock for each common share of Central Jersey. Based on OceanFirst's closing price as of May 26, 2009, the transaction is valued at approximately $7.12 per share or $68.4 million in the aggregate. The transaction value represents 90% of Central Jersey's book value, 149% of its tangible book value, a core deposit premium of 7.2% and a market premium of 9.9% relative to OceanFirst's and Central Jersey's trailing 30-day average closing prices.
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