OceanFirst and Flushing Gain Shareholder Approval for $579M Merger

The combined bank will have $23B in assets and a larger New York footprint.

Apr. 7, 2026 at 3:55pm

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A minimalist studio still life photograph featuring a stack of bank statements, a pen, and a calculator arranged elegantly on a clean white background, conceptually representing the financial details and strategic planning behind the merger of two community banks.The merger of OceanFirst and Flushing will create a powerhouse community bank in the New York region, leveraging premium resources and strategic scale.NYC Today

OceanFirst Financial and Flushing Financial have secured shareholder approval for their planned $579 million merger. The deal is still pending regulatory approval from the Federal Reserve, but once completed, the combined bank will have around $23 billion in assets, $17 billion in loans, and $18 billion in deposits, operating 71 retail branches across New York and New Jersey.

Why it matters

The merger will create one of the largest community banks in the New York metropolitan area, expanding OceanFirst's presence in key markets like Manhattan, Brooklyn, and Long Island. The combined entity will have greater scale and resources to compete with larger regional and national banks.

The details

Under the terms of the agreement, Flushing Bank will be merged into OceanFirst Bank, with OceanFirst Bank continuing as the surviving institution. OceanFirst has also secured a $225 million equity investment from affiliates of Warburg Pincus funds, contingent on the merger closing. Christopher Maher, OceanFirst's current CEO, will lead the merged holding company, while Flushing's CEO John Buran will become non-executive chair of the board.

  • The merger agreement was announced in December 2025.
  • Shareholders of both companies approved the deal in April 2026.
  • The transaction is still pending regulatory approval from the Federal Reserve.

The players

OceanFirst Financial

A community bank headquartered in New Jersey with a presence in New York.

Flushing Financial

A community bank based in New York, focused on the New York metropolitan area.

Warburg Pincus

A private equity firm that has committed to invest $225 million in OceanFirst upon completion of the merger.

Christopher Maher

The current chairman and CEO of OceanFirst, who will lead the combined holding company as CEO after the merger.

John Buran

The current president and CEO of Flushing, who will become the non-executive chair of the board at OceanFirst after the merger.

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What’s next

The merger is still pending approval from the Board of Governors of the Federal Reserve System, which is the final regulatory hurdle before the transaction can be completed.

The takeaway

The merger between OceanFirst and Flushing will create a stronger community banking presence in the New York metropolitan area, allowing the combined entity to better compete with larger regional and national banks.