Cape Bancorp Inc., the parent company of Cape Bank, received stockholder approval to merge with Toms River-based OceanFirst Financial Corp., the companies said in a statement Tuesday.
The institutions expect the merger, which was announced Jan. 5, to close May 2.
The banks estimate they will have combined assets of $4.2 billion, loans of $3.2 billion and deposits of $3.2 billion.
The company is expected to have 50 branches across seven New Jersey counties, including Atlantic, Cape May, Ocean and Cumberland counties.
“We are pleased to announce all of the necessary approvals to complete the merger with Cape have been received, including the overwhelming support of the stockholders of both companies,” OceanFirst President and CEO Christopher Maher said in a statement..
Cape May Court House-headquartered Cape Bank owns 22 banking centers and five loan offices throughout Cape May, Atlantic, Cumberland and Gloucester County, including two loan offices in the Philadelphia area.
In September, Cape Bank valued its assets at almost $1.6 billion, up from $1.08 billion at the end of 2014.
That increase came amid a major footprint expansion for Cape Bank.
Cape Bank bought seven branches in September 2014 from the former Colonial Bank of Vineland and another branch in Hammonton from Sun Bank in September, growing the network of branches by 50 percent.
OceanFirst has branches in Barnegat, Lacey, Ocean, Stafford and Little Egg Harbor townships, all in southern Ocean County.