OCEANFIRST FINANCIAL CORP. (NASDAQ:OCFC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Principal Officers: Election of Directors; Appointment of Principal Officers
On March 28, 2108, Donald E. McLaughlin, a Director of the Registrant, indicated his intention to retire from the Registrant’s Board of Directors at its 2018 Annual Meeting of Stockholders to be held on May 31, 2018 (the “2018 Annual Meeting”). Mr. McLaughlin is retiring to spend more time with his family and on personal business.In addition, the Registrant’s Board of Directors approved, subject to stockholder approval at the 2018 Annual Meeting, an amendment to the Company’s Certificate of Incorporation to declassify the Board. To facilitate the transition to a declassified Board, each member of the Board of Directors with a term extending beyond the 2019 Annual Meeting of Stockholders has agreed to resign immediately after the 2018 Annual Meeting, assuming shareholder approval of the proposal to declassify the Board, and each such Director, other than Mr. McLaughlin, will be immediately re-appointed for a one-year term expiring at the 2019 Annual Meeting of Stockholders.
About OCEANFIRST FINANCIAL CORP. (NASDAQ:OCFC)
OceanFirst Financial Corp. is a holding company for OceanFirst Bank (the Bank). The Company is a savings and loan holding company. The Bank’s principal business is attracting retail and business deposits in the communities surrounding its branch offices and investing those deposits primarily in loans, consisting of single-family, owner-occupied residential mortgage loans, and commercial real estate and other commercial loans. The Bank also invests in other types of loans, including residential construction and consumer loans. In addition, the Bank invests in mortgage-backed securities (MBS), securities issued by the United States Government and agencies thereof, corporate securities and other investments permitted by applicable law and regulations. The Bank’s revenues are derived principally from interest on its loans, interest on its investment and MBS. The Bank also receives income from fees and service charges on loan and deposit products, wealth management services and others.