RED BANK: OCEANFIRST TO BUY TWO RIVER

red bank oceanfirstThe parent company of OceanFirst Bank plans to absorb two smaller banking operations, it announced Friday.

OceanFirst, with $8 billion in assets, will acquire Two River Community Bank in a deal initially valued at nearly $183 million, the two companies announced. Shares in both fell in Friday trading.

Separately, OceanFirst said it has a deal to acquire Country Bank, headquartered in New York City. Both mergers are expected to be completed in the first quarter of 2020, and result in $9.9 billion in assets for OceanFirst, the company said in its announcement.

OceanFirst acquired the former headquarters of Hovnanian Enterprises, at Maple Avenue and West Front Street in Red Bank, above, almost two years ago, and uses it for office space. Two River, headquartered on Shrewsbury Avenue in Tinton Falls, has 14 branches, 10 of them in Monmouth County. (Photo by John T. Ward. Click to enlarge.)