The Cape Bank name has disappeared from more than 20 South Jersey branches.
This week, the network of former Cape Bank branches began operating with OceanFirst signs. OceanFirst Bank, based in Toms River, announced its plan to buy Cape Bank in January and closed the deal in May for a reported $208 million.
The merged bank now has 50 locations from Cape May to Middletown, at the northern edge of Monmouth County, and as far west as Mantua, in the Philadelphia suburbs of Gloucester County.
Seven are in Cape Bank’s historic home, Cape May County, seven are in Atlantic County and five are in Cumberland County.
But OceanFirst plans to grow even more in South Jersey, because the bank announced another merger in July with the holding company that owns Ocean City Home Bank. The two parties put the value of that deal at almost $146 million.
An OceanFirst spokeswoman said Tuesday that there’s no projected closing date for the purchase of Ocean Shore Holding Co., Ocean City Home Bank’s parent company.
“Right now, we’re still in the process of gathering approvals,” said Jill Hewitt, who added the latest merger still needs reviews by the U.S. Securities and Exchange Commission, by banking regulators and the stockholders of both banks.
The Cape Bank deal took almost four months from announcement to completion, and then more than another five months for the Cape Bank branches to start working under their new OceanFirst signs. But that process was finished last weekend, Hewitt said.
OceanFirst’s services are expected to continue to include the coin counters that Cape Bank provided for customers in many branches.
“Anything that existed before is still there,” Hewitt said, adding that Cape Bank is “fully integrated at this point” with OceanFirst.