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Board and Management Structure

Maher will remain CEO of the combined organization. Flushing President and CEO John Buran will join as non-executive chairman of the board after the merger closes.

The post-merger board will consist of 17 directors: 10 from OceanFirst, six from Flushing and one representative from Warburg Pincus.

Buran said the transaction opens new opportunities for Flushing’s customers, employees and communities, calling it a step toward building a “scaled, more profitable franchise.”

Banking Industry in a Merger Wave

Consolidation Accelerates

The deal comes amid a surge in bank mergers nationwide. U.S. News & World Report cited S&P Global Intelligence data showing 52 deals announced in the third quarter of 2025, the highest level since 2021, driven by a more favorable regulatory climate and competitive pressures.

The Harvard Law School Forum on Corporate Governance has also pointed to growing regulatory acceptance of consolidation as a path to a stronger and more stable banking sector.

In New Jersey alone, Blue Foundry Bank and Fulton Financial recently agreed to a $243 million merger, while ConnectOne Bank earlier completed its combination with First National Bank of Long Island.

Financial Outlook

OceanFirst and Flushing project the deal will generate about 16% earnings-per-share accretion by 2027, an internal rate of return near 24%, and tangible book value dilution of roughly 6%, expected to be earned back within three years.

On a pro forma basis, the combined bank forecasts:

• 2027 return on average tangible common equity of about 13%

• 2027 return on average assets near 1.00%

• 2027 net interest margin of roughly 3.2%

• 2027 non-interest expense to average assets of about 1.7%

• Allowance coverage ratio of 1.5% at closing

• Common equity tier 1 capital ratio of 10.8%

A live conference call discussing the transaction was scheduled for Dec. 30 at 8 a.m., with presentation materials made available online.

In September, OceanFirst separately announced a strategic shift in its residential loan origination business that resulted in more than 100 job cuts.