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8-K - FORM 8-K - OCEANFIRST FINANCIAL CORP | d445341d8k.htm |
Exhibit 99-1
Company Contact:
Michael J. Fitzpatrick
Chief Financial Officer
OceanFirst Financial Corp.
Tel: (732) 240-4500, ext. 7506
Fax: (732) 349-5070
Email: Mfitzpatrick@oceanfirst.com
FOR IMMEDIATE RELEASE
OCEANFIRST FINANCIAL CORP.
TO REPURCHASE 5% OF OUTSTANDING COMMON STOCK
TOMS RIVER, NEW JERSEY, November 27, 2012 OceanFirst Financial Corp. (NASDAQ: OCFC), the holding company for OceanFirst Bank (the Bank), announced today its intention to repurchase up to 901,002 shares, or 5%, of its outstanding common stock as of September 30, 2012 (the Repurchase Program). 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 Chief Executive Officer of OceanFirst Financial Corp. stated, The renewal of our Repurchase Program continues managements commitment to manage OceanFirst Financial Corp.s capital efficiently and is a sound investment decision. Mr. Garbarino continued, Our analysis of recent market conditions clearly supports the continuation of this Program as an effective means to enhance shareholder value.
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OceanFirst Financial Corp.s subsidiary, OceanFirst Bank, founded in 1902, is a federally-chartered savings bank with $2.3 billion in assets and twenty-four branches located in Ocean, Monmouth and Middlesex Counties, New Jersey. The Bank is the largest and oldest community-based financial institution headquartered in Ocean County, New Jersey.
OceanFirst Financial Corp.s press releases are available by visiting us at www.oceanfirst.com.
Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of the Private Securities Reform Act of 1995, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words believe, expect, intend, anticipate, estimate, project, will, should, may, view, opportunity, potential, or similar expressions or expressions of probability or confidence. The Companys ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and the subsidiaries include, but are not limited to, changes in interest rates, general economic conditions, levels of unemployment in the Banks lending area, real estate market values in the Banks lending area, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Companys market area and accounting principles and guidelines. These risks and uncertainties are further discussed in the Companys Annual Report on Form 10-K for the year ended December 31, 2011 and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.