Friday, February 4, 2022

OceanFirst to buy title insurance agency

OceanFirst Financial in Red Bank, N.J., has agreed to buy a title insurance agency. 

The $11.7 billion-asset company said in a press release Thursday that it will acquire a majority interest in Trident Abstract Title Agency. The deal is expected to close on March 1. 

The deal gives OceanFirst the option to buy 100% of the agency. OceanFirst did not disclose the price it will pay. 

The acquisition “is a natural step for OceanFirst that provides our clients an opportunity for a substantially improved borrowing experience”  Christopher Maher, the company’s chairman and CEO, said in the reiealse. 

“OceanFirst clients will have the option of working with a preferred title partner that should provide for faster and more straight-forward loan closings,” Maher added. “In addition, adding new revenue streams will provide a quality source of noninterest income to benefit OceanFirst stockholders.” 

Turk & Co. and Giordano, Halleran & Cielsa advised OceanFirst. Collins, Vella & Casello advised Trident.

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