OceanFirst Financial in Red Bank, N.J., has agreed to buy a title insurance agency.
The $11.7 billion-asset company said in a press release Thursday that it will acquire a majority interest in Trident Abstract Title Agency. The deal is expected to close on March 1.
The deal gives OceanFirst the option to buy 100% of the agency. OceanFirst did not disclose the price it will pay.
The acquisition “is a natural step for OceanFirst that provides our clients an opportunity for a substantially improved borrowing experience” Christopher Maher, the company’s chairman and CEO, said in the reiealse.
Turk & Co. and Giordano, Halleran & Cielsa advised OceanFirst. Collins, Vella & Casello advised Trident.