PreferredStockChannel
Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sat, April 1, 5:16 PM
| This Slide: #123 of 609 |
Slide #123. OceanFirst Financial Corp. — Preferred Stock Offering
Company:
OceanFirst Financial Corp. (NASDAQ:OCFC)
Date announced:
5/4/2020
Shares Offered:
2,200,000
Date of Pricing:
5/4/2020
Price Per Share:
$25.00
Preferred Stock Offering Details:
OceanFirst Financial Corp. (NASDAQ: "OCFC"), (the "Company"), the holding company for OceanFirst Bank N.A. (the "Bank"), announced today that it has priced a public offering of 2,200,000 depositary shares with a liquidation preference of $25.00 per share (the "Depositary Shares"), for gross proceeds of $55,000,000 before deducting underwriting discounts and other estimated offering expenses. Each Depositary Share represents a 1/40th interest in a share of the Company's 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A. In connection with the offering, the Company has granted the underwriters an option for 30 days to purchase up to an additional 330,000 Depositary Shares. The Company intends to apply to list the Depositary Shares on The Nasdaq Global Select Market under the symbol "OCFCP." The offering is subject to customary closing conditions and is expected to close on or about May 7, 2020. On May 1, 2020, the Company also completed an offering (the "Notes Offering") of $125.0 million of its 5.25% fixed-to-floating rate subordinated notes due 2030.
OceanFirst Financial is a bank holding company. Through its subsidiary, OceanFirst Bank N.A. (the Bank), Co. accepts retail and commercial deposits and invests those deposits primarily in loans, consisting of commercial real estate and other commercial loans and single-family, owner-occupied residential mortgage loans. The Bank also invests in other types of loans, including residential construction and consumer loans. In addition, the Bank invests in mortgage-backed securities, securities issued by the U.S. Government and agencies thereof, corporate securities and other investments permitted by applicable law and regulations.
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Avg. Broker Rec.
  
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Buy (2.80 out of 4) 23rd percentile
(ranked lower than approx. 77% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com |
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