OceanFirst Financial in Red Bank, N.J., has agreed to buy Partners Bancorp in Salisbury, Md.
The $11.8 billion-asset OceanFirst said in a press release Thursday that it will pay $186 million in cash and stock for the $1.6 billion-asset Partners. The deal, which is expected to close in the first half of 2022, priced Partners at 146% of its tangible book value.
OceanFirst will enter Delaware, Maryland and Virginia with the acquisition.
“The banks that comprise Partners … are each strong organizations operating community commercial banking models and have demonstrated strong growth in their markets,” Christopher Maher, OceanFirst’s chairman and CEO, said in the release.
“Joining the OceanFirst family will allow these highly professional commercial bankers to continue to build new relationships while leveraging the technology and operating efficiency offered by our company,” Maher added.