This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:OceanFirst Financial Corp. Completes Sale of 5,556,000 Shares of Common Stock 2009-11-03 12:10 ET - News Release TOMS RIVER, N.J., Nov. 3, 2009 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (Nasdaq:OCFC) announced today that it has completed its offering of 5,556,000 shares of its common stock to the public at $9.00 per share.
Sandler O'Neill + Partners, L.P. and Stifel, Nicolaus & Company, Incorporated acted as joint book-running managers, and Keefe, Bruyette & Woods, Inc. and Sterne, Agee & Leach, Inc. acted as co-managers for the offering. The offering was made pursuant to an effective shelf registration statement filed with the SEC. OceanFirst expects to use a portion of the net proceeds of approximately $46.9 million from this offering to repurchase the Fixed Rate Cumulative Perpetual Preferred Stock, Series A sold to the U.S. Treasury pursuant to the Capital Purchase Program of the Troubled Asset Relief Program ("TARP"), and to repurchase the Fixed Rate Cumulative Perpetual Preferred Stock of Central Jersey Bancorp ("Central Jersey") sold to the U.S. Treasury pursuant to the Capital Purchase Program of the TARP, in the event such Preferred Stock remains outstanding after consummation of the Company's merger with Central Jersey. Both OceanFirst and Central Jersey have submitted applications to repurchase their respective shares of Preferred Stock, however, OceanFirst cannot predict when, or if, approval of either application will be granted to repurchase these shares. Net proceeds of the offering not used to repurchase the Preferred Stock will be used for general corporate purposes.
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