Investment Banking - Two River Bancorp

Transactions | Banking

Client: Two River Bancorp
Industry: Banking
Transaction Type: Mergers & Acquisitions
Role: Sell-Side Advisor

Two River Bancorp has been Acquired by OceanFirst Financial Corp

  • Two River Bancorp (“TRCB”) is a bank holding company with approximately $1.2 billion in assets, $961.2 million in loans, and $963.3 million in deposits.  Its subsidiary, Two River Community Bank, was founded in 2000 and operates 14 branches in Monmouth, Union and Essex, New Jersey.
  • OceanFirst Financial Corp.’s (“OCFC”) subsidiary, OceanFirst Bank, founded in 1902, is a community bank with $8.0 billion in assets and about 59 branches located throughout central and southern New Jersey. OceanFirst Bank delivers commercial and residential financing solutions, wealth management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey.
  • Under the terms of the merger agreement, TRCB’s shareholders have the right to receive for each share of TRCB (i) $5.375 in cash, and (ii) 0.6663 shares of OCFC’s stock. Based on OCFC’s closing price of $25.54 on December 31, 2019, the aggregate implied transaction value is approximately $197 million. This deal value equates to approximately 187.1% of TRCB’s tangible book value at September 30, 2019 and 17.9x TRCB’s trailing twelve-month net income through September 30, 2019.
  • The transaction closed on January 1, 2020.
  • Boenning served as financial advisor and rendered a fairness opinion to Two River Bancorp.

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