Joseph M. Murphy
By Irish Echo Staff
Country Bank has signed a merger agreement with Ocean First financial Corp., parent company of Ocean First Bank.
The merger was signed on behalf of Country Bank by its parent company, Country Bank Holding Company Inc. which trades as CYHC.
Under the agreement, said a release, OceanFirst will acquire CYHC and upon completion of the merger, Country Bank will merge into OceanFirst Bank.
“We are very pleased about partnering with a high performing company that shares our community banking culture and values,” said Joseph M. Murphy, Country Bank’s Chairman and Chief Executive Officer.
“We find the strategic fit of the two organizations compelling, especially for our customers that will benefit from the broader array of products and services, and for our stockholders,” said Murphy.
“We will leverage the new resources and products available to us through OceanFirst Bank and are attracted to the opportunity to operate in our current markets with a significantly larger scale,” he added.
Country Bank is a New York State chartered commercial bank which was founded in 1988. It has over $780 million in assets, is controlled by the Murphy family, and specializes in small business and commercial real estate lending.
It has significant banking links with the New York area Irish and Irish American community. In 2015, Country Bank opened its flagship branch at 42nd Street and Third Avenue in Manhattan.
The bank has additional branches in Midtown Manhattan, Riverdale and Woodlawn in the Bronx, and Scarsdale in Westchester County.
OceanFirst, founded in 1902, is an $8 billion regional bank operating throughout New Jersey, metropolitan Philadelphia, and metropolitan New York City.
“Country Bank shares a similar operating philosophy and builds upon our lending initiatives in metropolitan New York,” said Christopher D. Maher, OceanFirst Chairman and Chief Executive Officer.