- Associated Press - Thursday, January 7, 2016

TOMS RIVER, N.J. (AP) - Two banks are merging to create what they say will be the largest bank based in central and southern Jersey.

The parent company of Toms River-based OceanFirst Bank has agreed to acquire Cape Bank in a deal valued at $208 million. The merged bank will have 49 locations and $4.3 billion in assets.

OceanFirst Bank has $2.6 billion in assets and 27 branches in Ocean, Monmouth, and Middlesex counties. Cape Bank has $1.6 billion in assets and 22 branches in Atlantic, Cape May, Cumberland and Gloucester counties.

OceanFirst CEO Christopher Maher tells the Asbury Park Press (on.app.com/1O6yTMs) Cape Bank will be rebranded as OceanFirst and executives will evaluate back office staffing levels at Cape Bank after the deal closes later this year.

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Information from: Asbury Park (N.J.) Press, https://www.app.com

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