PTRS - OceanFirst Financial and Partners Bancorp announce merger agreement

OceanFirst Financial (NASDAQ:OCFC) and Partners Bancorp (NASDAQ:PTRS) entered into a definitive agreement and plan of merger wherein the latter will merge into the former with OceanFirst surviving. Based on OceanFirst’s closing stock price on Nov. 3, 2021 of $23.21, the transaction is valued at ~$10.38/Partners common share, or ~$186M in total. Based on Sep.30 results and impact of purchase accounting, the combined company is expected to have, pro forma, ~$13.5B in assets, $9.3B in loans and $11.2B in deposits. The transaction is expected to lead to ~10% EPS accretion in 2023. As of Sep.30, Partners had $1.64B in assets, $1.11B in loans, $1.44B in deposits, and $139.5M in stockholders' equity. Under merger agreement terms, Partners stockholders may elect to receive $10 in cash or 0.4512 shares of OceanFirst common stock and also only up to 40% of Partners common stock will be exchanged for cash and the remaining shares exchanged for OceanFirst

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OceanFirst Financial and Partners Bancorp announce merger agreement