OceanFirst Financial in Red Bank, N.J., and Partners Bancorp in Salisbury, Md., have terminated their planned merger after being unable to secure all the necessary regulatory approvals.
The $12.7 billion-asset OceanFirst and the $1.7 billion-asset Partners said in a press release that both boards approved the decision. Each company will bear its own costs and no termination fee will be applied.
OceanFirst agreed to buy Partners in November 2021 for $186 million with expectations of closing the deal by mid-2022. That never happened due to delays getting regulatory approval.