Business
fromwww.longislandpress.com
1 week agoFlushing Financial merging with Ocean First
OceanFirst is acquiring Flushing Financial in a $579 million deal, creating a combined bank with $23 billion in assets and expanded New York presence.
Cornerstone said the deal will expand its statewide market share, moving it into the top 20 Texas banks with less than $10 billion in assets, while reducing its cost of deposits by about 68 basis points. The merger is also expected to boost the bank's mortgage origination and servicing divisions by creating additional lending capacity and generating significant pricing and revenue synergies without compromising asset quality, according to the announcement.