OceanFirst Financial (OCFC) To Offer $50M In Stock

OceanFirst Financial Corp. (Nasdaq: OCFC) expects to offer and sell approximately $50 million of its common stock in an underwritten public offering.

Sandler O'Neill + Partners, L.P. and Stifel, Nicolaus & Company Incorporated are acting as joint book running managers, and Keefe, Bruyette & Woods, Inc. and Sterne Agee are acting as co-managers for the offering.

OceanFirst expects to use a portion of the net proceeds from this offering to repurchase the Fixed Rate Cumulative Perpetual Preferred Stock, Series A sold to the U.S. Treasury pursuant to the Capital Purchase Program of the Troubled Asset Relief Program. The Company submitted an application to repurchase the Preferred Stock, however, the Company cannot predict when, or if, approval will be granted to repurchase these shares. Net proceeds of the offering not used to repurchase the Preferred Stock will be used for general corporate purposes