OceanFirst Financial Corp. Announces Redemption of All Outstanding Preferred Stock Shares

OceanFirst Financial Corp. Announces Redemption of all Outstanding 5.7% Shares of 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock of OceanFirst Financial Corp.

TOMS RIVER, N.J., April 11, 2025 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (OceanFirst) (NASDAQ: OBC) announced today that it will redeem all outstanding shares of its 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series 1 (the "Preferred Stock") on May 15, 2025 (the "Redemption Date").

The Preferred Stock was issued in 2019 and has a face value of $1,000 per share. The redemption price will be $1,000 per share, plus accrued and unpaid dividends from the last dividend payment date to the Redemption Date.

The redemption will be funded through available cash and borrowings. As of March 31, 2025, OceanFirst had approximately $1.3 billion of available liquidity and a debt-to-equity ratio of 4.4%.

"We are pleased to announce the redemption of our Preferred Stock, which will further strengthen our capital position and provide additional flexibility to support our growth initiatives," said Christopher Pappas, President and Chief Executive Officer of OceanFirst. "We believe this redemption is a testament to our strong financial performance and our commitment to creating value for our shareholders."

The Preferred Stock will be redeemed in accordance with its terms and the applicable rules and regulations of the NASDAQ Stock Market. The redemption will be made upon presentation of the Preferred Stock certificates and payment of the redemption price at the Bank of New York Mellon, the transfer agent and registrar for the Preferred Stock.

About OceanFirst Financial Corp.

OceanFirst Financial Corp. is a financial holding company headquartered in Toms River, New Jersey. OceanFirst operates through its subsidiary, OceanFirst Bank, which is a commercial bank that provides a wide range of banking and financial services to individuals, businesses, and municipalities in New Jersey and Maryland. OceanFirst Financial Corp. is listed on the NASDAQ Global Select Market under the trading symbol OBC. Additional information can be found at www.oceanfirst.com.