June 30, 2017 / 10:13 AM / a year ago

BRIEF-OceanFirst Financial reports agreement to acquire Sun Bancorp

June 30 (Reuters) - Oceanfirst Financial Corp:

* OceanFirst Financial Corp. announces agreement to acquire Sun Bancorp, Inc.

* Says ‍transaction is valued at approximately $25.27 per sun common share​

* Says ‍transaction is valued at approximately $487 million in aggregate.​

* OceanFirst Financial Corp says under terms of merger agreement, deal unanimously approved by boards of directors of both companies

* OceanFirst Financial Corp - expects to incur one-time pre-tax merger and integration costs of approximately $46 million

* OceanFirst Financial - consideration a sun shareholder will receive is equivalent to 0.7884 shares of oceanfirst common stock and $3.78 in cash per share of sun common stock

* OceanFirst Financial Corp - ‍transaction is expected to be accretive to earnings per share by approximately 3.6 pct in 2019​

* OceanFirst Financial Corp - OceanFirst expects to achieve cost savings of approximately 53 pct of Sun's noninterest expense base

* OceanFirst Financial - aggregate consideration to be paid in exchange for sun common stock consists of about 15.1 million shares of co, $72.5 million in cash​

* OceanFirst Financial Corp - Piper Jaffray & Co. is serving as financial advisor to OceanFirst

* Says ‍Sun shareholders will have right to elect to receive stock or cash consideration for their shares​

* Says ‍agreement has been unanimously approved by boards of directors of both companies​

* Says ‍sun National Bank will also merge with and into OceanFirst Bank​ Source text for Eikon: Further company coverage:

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