- OceanFirst Financial Corp. (OCFC, Financial) will redeem 57,370 shares of its 7.00% preferred stock on May 15, 2025.
- The redemption price is set at $1,000 per preferred stock share and $25 per depositary share.
- This move aligns with OceanFirst's strategy to optimize its balance sheet by reducing high-cost liabilities.
OceanFirst Financial Corp. (OCFC) has announced the redemption of all 57,370 shares of its 7.00% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A. The redemption is scheduled for May 15, 2025, which coincides with the next dividend payment date. Each preferred share will be redeemed for $1,000, while the 2,294,800 depositary shares, representing 1/40th interest in each preferred share, will be redeemed at $25 per share.
Holders of record will receive the previously declared dividend before the redemption date. After this date, dividends will cease to accrue, and the preferred stock and depositary shares will no longer be considered outstanding.
This strategic move by OceanFirst reflects its intention to leverage strong capital and liquidity positions to pay off higher-cost liabilities as part of its balance sheet optimization strategy. OceanFirst Bank N.A., a subsidiary of OceanFirst Financial Corp., is a leading community-based financial institution in New Jersey, providing a wide range of financial services across the region.
