OceanFirst Financial Corp. (NASDAQ: OCFC) completed its merger with Flushing Financial Corporation (NASDAQ: FFIC) and received a $225 million strategic investment from Warburg Pincus LLC, the company announced June 1.

Under the merger terms, Flushing shareholders received 0.85 shares of OceanFirst common stock for each share of Flushing common stock. The combined entity operates 71 retail branches across New Jersey, New York, Long Island and Pennsylvania.

John Buran, former president and chief executive officer of Flushing, joined OceanFirst as non-executive chairman of the board. The combined company's board consists of 17 directors: ten from OceanFirst, six from Flushing and one from Warburg Pincus.

"This combination pairs Flushing's deeply rooted, 95-year community franchise with OceanFirst's relationship-driven business model, expanded capabilities, and broader product set," said Christopher Maher, chief executive officer of OceanFirst.

OceanFirst will contribute $5 million to the OceanFirst Foundation to support nonprofit community organizations across the combined company's markets, including New York and Long Island.

Keefe, Bruyette & Woods served as financial advisor to OceanFirst, while Piper Sandler advised Flushing. J.P. Morgan acted as capital markets advisor and sole placement agent to OceanFirst. Jefferies served as financial advisor to Warburg Pincus.

OceanFirst operates as an approximately $23 billion regional bank serving business and retail customers throughout New Jersey, New York, Long Island and metropolitan areas from Massachusetts through Virginia. The bank was founded in 1902.