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OceanFirst Financial Corp. (NASDAQ: “OCFC”), (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), today, announced the Company has signed an agreement to acquire a majority interest in Trident Abstract Title Agency, LLC (“Trident”) with the right to acquire 100%. The transaction is expected to close on March 1, 2022. Upon closing, Trident will operate as an independent subsidiary of the Company.
Established in 1975, Trident is a family owned and operated business located in Wall Township, New Jersey. Current owners, Chris Carton and Derrick Scenna will continue to manage the daily operations. Trident writes title insurance through all of the nation’s leading underwriters and through strategic alliances can also service client’s title insurance needs outside of New Jersey.
Chairman and Chief Executive Officer, Christopher D. Maher, commented on the Company’s announcement, “The acquisition of Trident is a natural step for OceanFirst that provides our clients an opportunity for a substantially improved borrowing experience. OceanFirst clients will have the option of working with a preferred title partner that should provide for faster and more straight-forward loan closings. Trident has been a leader in delivering superior commercial and residential title services. We look forward to welcoming Chris Carton, Derrick Scenna, and their team to OceanFirst. Trident’s client-focused approach and talented professionals make them a strong addition to our growing company.” Maher continued, “In addition, adding new revenue streams will provide a quality source of non-interest income to benefit OceanFirst stockholders.”
Derrick Scenna, Partner, Trident Abstract Title Agency, LLC, said, “We are thrilled to join OceanFirst as a complement to the Bank’s already robust and growing lending platform. Trident has grown with OceanFirst over the past 20 years and this was an ideal next progression for our business.”
Turk & Co. served as financial advisor to OceanFirst Financial Corp. and Giordano, Halleran & Cielsa PC served as legal counsel. Collins, Vella & Casello LLC served as Trident’s legal counsel.
OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $11.7 billion regional bank providing financial services throughout New Jersey and in the major metropolitan markets of Philadelphia, New York, Baltimore, Washington D.C., and Boston. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey.