January 4, 2010 (FinancialWire) — OceanFirst Financial Corp. (NASDAQ: OCFC), the holding company for OceanFirst Bank, has redeemed the 38,263 shares of Fixed Rate Cumulative Perpetual preferred stock, series A, originally issued to the U.S. Department of the Treasury under the Troubled Asset Relief Program Capital Purchase Program.

The company paid to the Treasury a total of $38,502,000, consisting of $38,263,000 of principal and $239,000 of accrued and unpaid dividends on December 30, 2009. The company’s redemption of the shares is not subject to additional conditions or stipulations from the Treasury.

The preferred stock that the company will repurchase for $38,263,000 currently has a carrying value of $37,160,000 (net of a $1,103,000 unaccreted discount) on the company’s statement of financial condition. As a result of the repurchase, the company will accelerate the accretion of the $1,103,000 discount and record a total reduction in stockholders’ equity of $38,263,000. Additionally, the unaccreted discount will be treated in a manner consistent with that for accrued preferred dividends in reporting net income available for common shareholders in the results of operations for the fourth quarter of 2009.

In connection with the January 16, 2009 issuance of the preferred stock, the company issued to the Treasury a warrant to purchase 380,853 shares of common stock at $15.07. The company has been notified by the Treasury that as a result of the company’s completion of our November 2009 Qualified Equity offering, the amount of the warrant was reduced by 50% to 190,427 shares. This warrant is still held by the Treasury and remains outstanding at this time. The company intends to negotiate for the repurchase of the warrant, however, the repurchase price is subject to these negotiations and there can be no assurance that they will be repurchased now, or in the future.

OceanFirst Financial Corp. is the parent holding company for OceanFirst Bank. OceanFirst Bank, founded in 1902 is the largest and oldest community-based financial institution headquartered in Ocean County, New Jersey.

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