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.
