OceanFirst Financial Corp. Announces Acquisition of Trident Abstract Title Agency, LLC | Your money
RED BANK, NJ, 03 Feb. 2022 (GLOBE NEWSWIRE) — OceanFirst Financial Corp. (NASDAQ: “OCFC”), (the “Company”), the holding company of OceanFirst Bank NA (the “Bank”), today announced that the Company has signed an agreement to acquire a controlling interest in Trident Abstract Title Agency, LLC (“Trident”) with the right to acquire 100%. The transaction is expected to close on March 1, 2022. Upon closing, Trident will operate as an independent subsidiary of the Company.
Founded in 1975, Trident is a family business located in Wall Township, New Jersey. Current owners, Chris Carton and Derrick Scenna will continue to manage day-to-day operations. Trident underwrites title insurance through all major underwriters nationwide and, through strategic alliances, can also service the title insurance needs of clients outside of New Jersey.
Chairman and CEO, Christopher D. Maher, commented on the company’s announcement, “The acquisition of Trident is a natural step for OceanFirst that provides our customers with the opportunity for a significantly enhanced borrowing experience. OceanFirst customers will have the option of working with a preferred title partner which should enable faster and easier loan closings. Trident is a leader in providing superior commercial and residential title services. We look forward to welcoming Chris Carton, Derrick Scenna and their team to OceanFirst. Trident’s client-focused approach and talented professionals make them a great asset to our growing business. Maher continued, “Furthermore, the addition of new revenue streams will provide a quality source of non-interest revenue for the benefit of OceanFirst shareholders.”
Derrick Scenna, Partner, Trident Abstract Title Agency, LLC, said, “We are excited to join OceanFirst to complement the Bank’s already robust and growing lending platform. Trident has grown with OceanFirst over the past 20 years and this was an ideal next progression for our business.
Turk & Co. served as financial advisor to OceanFirst Financial Corp. and Giordano, Halleran & Cielsa PC served as legal counsel. Collins, Vella & Casello LLC served as Trident’s legal counsel.
OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank NA, founded in 1902, is an $11.7 billion regional bank providing financial services throughout New Jersey and in the major metropolitan markets of Philadelphia, New York, Baltimore , Washington D.C. and Boston. OceanFirst Bank offers commercial and residential financing, cash management, fiduciary and asset management and custodial services and is one of the largest and oldest community financial institutions headquartered in New Jersey. To learn more about OceanFirst, visit www.oceanfirst.com.
Forward-Looking Statements In addition to historical information, this press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on certain assumptions and describe the Company’s future plans, strategies and expectations. These forward-looking statements are generally identified by the use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project”, “will”, “should”. , “may”, “view”, “opportunity”, “potential” or similar expressions or expressions of confidence. The Company’s ability to predict the actual results or effect of future plans or strategies is inherently uncertain. Factors that could have a material adverse effect on the business of the Company and its subsidiaries include, but are not limited to: the impact of COVID-19 or any other pandemic on our operations and financial results and those of our customers, changes in interest rates, general economic conditions, levels of unemployment in the Bank’s lending area, market values of real estate in the Bank’s lending area, future natural disasters and increases in flood insurance premiums, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, U.S. government monetary and fiscal policies, including U.S. Treasury policies and the Board of Governors of the Federal Reserve System, the quality or composition of loan or investment portfolios, demand for products lending, deposit flows, competition, demand for financial services in the Company’s market area, accounting principles and guidelines and the Bank’s ability to successfully integrate operations d. These risks and uncertainties are discussed in greater detail in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, under Item 1A – Risk Factors and Elsewhere, and in subsequent securities filings and should be considered when evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of events anticipated or unanticipated. events.
Company Contact: Michael J. Fitzpatrick Chief Financial Officer OceanFirst Financial Corp. 732.240.4500, ext. 7506 [email protected]
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