OceanFirst Financial Corp. operates as the bank holding company for OceanFirst Bank that provides a range of community banking services to customers through a network of branches and offices in Ocean, Monmouth, Middlesex and Mercer counties in New Jersey. Market Area The company conducts its business through an administrative/branch office located in Toms River, New Jersey, and 26 additional branch offices. 19 of the offices are located in Ocean County, New Jersey; 7 offices are in Monmouth County, including a Financial Solutions Center in Red Bank also offering lending and wealth management services; and 1 in Middlesex County. The company also operates a wealth management office in Manchester, New Jersey; and two deposit production offices, one in Freehold, New Jersey and one that opened in 2015 in Lakewood, New Jersey. The company’s deposit gathering and lending activities are concentrated in the markets surrounding its branch office network. Lending Activities One-to-Four Family Mortgage Lending: The company offers both fixed-rate and adjustable-rate mortgage (ARM) loans secured by one-to-four family residences with maturities up to 30 years. The majority of such loans are secured by property located in the company’s primary market area. The company offers various ARM loan programs with interest rates, which adjust every 3, 5 or 10 years. The company also offers 3-, 5-, 7- and 10-year ARM loans, which operate as fixed-rate loans for the first 3, 5, 7 or 10 years and then convert to 1-year ARM loans for the remainder of the term. The company’s fixed-rate mortgage loans are made for terms from 10 to 30 years. The company periodically sells some of the fixed-rate residential mortgage loans that it originates to manage interest rate risk. The company brokers reverse mortgage loans for a third-party originator. Commercial Real Estate, Multi-Family and Land Lending: The company originates commercial real estate loans that are secured by properties, or properties under construction, generally used for business purposes, such as office, industrial, or retail facilities. A majority of the company’s commercial real estate loans are located in its primary market area. The company originates commercial real estate loans with terms of approximately 10 years and amortization schedules approximately 30 years with fixed or adjustable rates. The commercial real estate portfolio includes loans for the construction of commercial properties. The company also originates multi-family mortgage loans and land loans on a limited basis. Residential Construction Lending: The company originates residential construction loans primarily on a construction/permanent basis with such loans converting to an amortizing loan following the completion of the construction phase. Most of the company’s residential construction loans are made to individuals building a residence. Consumer Loans: The company originates home equity loans typically as fixed-rate loans with terms ranging from 5 to 20 years. The company also offers variable-rate home equity lines of credit. Home equity loans and lines of credit are based on the applicant’s income and their ability to repay and are secured by a mortgage on the underlying real estate, typically owner-occupied, one-to-four family residences. Commercial and Industrial Lending: The company originates commercial and industrial loans and lines of credit (including for working capital; fixed asset purchases; and acquisition, receivable and inventory financing) primarily in the company’s market area. The company generally originates commercial and industrial loans secured by the assets of the business, including accounts receivable, inventory, fixtures, etc. The company generally requires the personal guarantee of the principal borrowers for all commercial and industrial loans. Investment Securities As of December 31, 2015, the company’s investment securities included U.S. agency obligations, state and municipal obligations, and corporate debt securities. Deposits The company offers various deposit accounts with a range of interest rates and terms to retail, government and business customers. The company’s deposits consist of money market accounts, savings accounts, interest-bearing checking accounts, non-interest-bearing accounts and time deposits. Subsidiary Activities As of December 31, 2015, the bank owned four subsidiaries, such as OceanFirst Services, LLC; OceanFirst REIT Holdings, Inc.; 975 Holdings, LLC; and Hooper Holdings, LLC. Regulation and Supervision The company is a savings and loan holding company subject to regulation by the Board of Governors of the Federal Reserve System and the Securities and Exchange Commission. The bank is subject to regulation and supervision by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC). The bank is a member of the Federal Home Loan Bank System, and with respect to deposit insurance, of the Deposit Insurance Fund managed by the FDIC. History OceanFirst Financial Corp. was founded in 1902.
oceanfirst financial corp
975 Hooper Avenue
Toms River, NJ 08753
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