OceanFirst Faces M&A-Driven Sell-Off

16 days ago

Christine

"No, yeah, this is one that I had to look into as well. A small company about one, uh, $1 million in market cap. It's a bank. As you mentioned, it's based in Tom's River, New Jersey. But the reason we're talking about this stock today, OCFC is the ticker there, is because it is one of the stocks that is down in the market today. Pairing has declined substantially, but earlier down as much as 11%. So a double digit dropper seeing there the worst day in more than two years for the stock. This is after it agreed to buy Flushing Financial. This is an all stock deal that includes an investment agreement with PE firm Warberg PINS. And, uh, this will be represented on the company's board."

OceanFirst Bank (OCFC), a very small bank with about $1 million market cap, is experiencing a steep decline—down as much as 11% and marking its worst day in over two years—amid M&A activity including an all-stock deal to acquire Flushing Financial.

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