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OceanFirst Financial, Central Jersey Bancorp scrap May merger plans
By Lisa Kerner
Charlotte, N.C., Dec. 18 - OceanFirst Financial Corp. and Central Jersey Bancorp terminated their May 26, 2009 agreement and plan of merger without penalty to either company, it was announced on Friday.
Regulatory approval hasn't been obtained, so the merger cannot be completed by Dec. 31 as required under the merger agreement, the companies said.
As previously reported, Central Jersey had planned to merge with and into OceanFirst in a deal that would have given Central Jersey common stockholders half of a share of OceanFirst common stock for each common share of Central Jersey held.
The transaction was valued at approximately $7.12 per share, or $68.4 million, when it was announced.
OceanFirst, based in Toms River, N.J., is the holding company for OceanFirst Bank.
Central Jersey is a bank holding company based in Oakhurst, N.J.
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