FRBA - First Bank inks deal for two OceanFirst Bank branch locations

First Bank (NASDAQ:FRBA) has signed a definitive agreement to acquire two New Jersey branch locations from OceanFirst Bank (NASDAQ:OCFC). The terms of the agreement provide for First Bank to acquire the owned premises and equipment, all deposits associated with the branches, which totaled ~$124M as of June 30, 2021, as well as selected performing loans totaling ~$14M as of June 30, 2021.  It is expected that the current staff of the branches will become employees of First Bank. The transaction is expected to be completed during the fourth quarter of 2021.

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First Bank inks deal for two OceanFirst Bank branch locations