Virginia Partners Bank of Fredericksburg to merge with OceanFirst | Local News
Virginia Partners Bank of Fredericksburg is considering merging with OceanFirst Financial Corp. of New Jersey, the two companies announced Tuesday.
OceanFirst and Partners Bancorp, the parent company of Bank of Delmarva and Virginia Partners Bank, said they have entered into a deal worth $ 186 million that will see Partners Banks become OceanFirst banks.
The combined banks are said to have about $ 13.5 billion in assets, $ 9.3 billion in loans and $ 11.2 billion in deposits, according to a joint press release. The acquisition of Partners would expand OceanFirst’s presence in Delaware, Maryland and Virginia.
âThis partnership creates a powerful and innovative financial services provider better able to serve its customers and the communities of today and tomorrow,â said Lloyd B. Harrison, III, CEO of Partners. “The OceanFirst team has built and maintains a high quality banking franchise, and there is no better team to unite with to deliver community-style banking services and to capitalize on the opportunities presented by one. evolving industry. “
The merger is expected to be finalized in the first half of 2022, subject to the approval of shareholders and regulators of Partners. Under the terms of the deal, which was approved by the boards of directors of both companies, Partners shareholders could exchange each common share for $ 10 in cash or 0.4512 common share of OceanFirst. But the agreement sets a cap of 40% on the total amount of Partners’ ordinary shares that can be cashed out.