The Bank Slate


OceanFirst ups investment in equipment finance firm

OceanFirst Financial in Red Bank, N.J., has boosted its stake in a specialty commercial equipment finance company.

The $12.7 billion-asset company disclosed in a regulatory filing that it invested $2.8 million in Auxilior Capital Partners as part of a new round of finance by the lender.

OceanFirst had already invested $10 million in Auxilior in 2021, gaining a minority, noncontrolling stake.

OceanFirst said in the filing that the new financing round resulted in a $17.5 million unrealized gain, which it will report as income in the fourth quarter.

OceanFirst recently terminated an agreement to buy Partners Bancorp after they were unable to secure regulatory approval.

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