Nov 28 - OceanFirst Financial Corp. (Nasdaq:OCFC), the holding company for OceanFirst Bank, Toms River, N.J., has announced its intention to repurchase up to 901,002 shares, or 5 percent, of its outstanding common stock as of Sept. 30, 2012. Stock will be purchased from time-to-time in the open market subject to market conditions or in privately negotiated transactions.
John R. Garbarino, chairman and CEO of OceanFirst Financial Corp. stated, "The renewal of our repurchase program continues management's commitment to manage OceanFirst Financial Corp.'s capital efficiently and is a sound investment decision." Garbarino continued, "Our analysis of recent market conditions clearly supports the continuation of this program as an effective means to enhance shareholder value."
OceanFirst Financial Corp.'s subsidiary, OceanFirst Bank, founded in 1902, is a federally chartered savings bank with $2.3 billion in assets and 24 branches located in Ocean, Monmouth and Middlesex Counties, N.J. The bank is the largest and oldest community-based financial institution headquartered in Ocean County, N.J.