OceanFirst completes $225M Warburg Pincus investment and Flushing acquisition, assumes $252M debt

Filed June 1, 2026 · Period ending June 1, 2026 · ~1 min read

Key Changes

• high

  OceanFirst closed acquisition of Flushing Financial, assuming $251.9M in subordinated debt with rates from 3.125% to 6.000% and maturities through 2037, increasing future interest expense.

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  Warburg Pincus invested $225M for 9.5M common shares and 1,812 non-voting shares at $19.76 per share, plus warrant for 11.4M additional shares exercisable at $30 stock price or after 3 years.

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• high

  Post-merger share count reached 96.7M shares (up from ~58M pre-deal), including 29.3M shares to Flushing shareholders and 9.5M to Warburg, representing significant dilution to existing holders.

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