OceanFirst Financial Corp. and OceanFirst Bank N.A. Receive Moody’s Investment Grade Ratings

Rhea-AI Summary

OceanFirst Financial Corp and its subsidiary OceanFirst Bank N.A. have received first-time investment grade ratings from Moody's Ratings. The Bank received deposit ratings of A3/Prime-2, while the holding company received an issuer rating of Baa3. OceanFirst Bank, founded in 1902, is a $13.5 billion regional bank operating throughout New Jersey and major metropolitan areas between Massachusetts and Virginia. The company has maintained investment grade ratings from Kroll Bond Rating Agency since 2016, with only 1% of U.S. banks receiving Moody's Investment Grade rating.

Positive

• Received Moody's investment grade ratings (A3/Prime-2 for Bank, Baa3 for Holding Company)
• Belongs to top 1% of U.S. banks with Moody's Investment Grade rating
• Substantial asset base of $13.5 billion
• Maintains investment grade ratings from Kroll Bond Rating Agency since 2016

Negative

• None.

OceanFirst Bank N.A. receives Deposit Ratings of A3/Prime-2 and OceanFirst Financial Corp. receives an Issuer Rating of Baa3

RED BANK, N.J., Nov. 06, 2024 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp. (NASDAQ:OCFC) (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), announced today first time ratings issued by Moody’s Ratings.

Christopher D. Maher, OceanFirst Financial Corp. Chairman and Chief Executive Officer, commented about the Moody’s Rating, “Just 1% of all U.S. banks have been acknowledged by Moody’s Ratings with an Investment Grade rating.” Maher continued, “I am proud of our team for also receiving long- and short-term deposit ratings of A3/Prime-2, which is a reflection of the continued strength of OceanFirst.”

Moody’s Ratings announced the first-time ratings for OceanFirst Financial Corp. and OceanFirst Bank N.A. in a press release issued on November 5, 2024. A more detailed report from Moody’s Ratings is expected in the coming weeks.

In addition to the Moody’s Ratings, the Company and the Bank have had investment grade ratings from Kroll Bond Rating Agency since 2016.

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is a $13.5 billion regional bank providing financial services throughout New Jersey and in the major metropolitan areas between Massachusetts and Virginia. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey. To learn more about OceanFirst, go to www.oceanfirst.com. 

Company Contact:
Jill Apito Hewitt
Director Corporate Communications
OceanFirst Financial Corp.
Tel: (732) 240-4500, ext. 27513
Email: jhewitt@oceanfirst.com

FAQ

What ratings did Moody's assign to OceanFirst Financial Corp (OCFC) in November 2024?

Moody's assigned OceanFirst Bank N.A. deposit ratings of A3/Prime-2 and OceanFirst Financial Corp. an issuer rating of Baa3.

What is OceanFirst Financial Corp's (OCFC) total asset size as of November 2024?

OceanFirst Financial Corp operates with $13.5 billion in assets through its subsidiary OceanFirst Bank N.A.

How many U.S. banks have received Moody's Investment Grade rating like OceanFirst (OCFC)?

According to the announcement, only 1% of all U.S. banks have received Moody's Investment Grade rating.