OceanFirst Financial Corp. Announces Commitment to Increase the Minimum Hourly Wage to $15

TOMS RIVER, N.J., Dec. 22, 2017 -- OceanFirst Financial Corp. (NASDAQ:OCFC), the holding company for OceanFirst Bank, today announced a commitment to increase the Bank’s minimum hourly pay rate to $15.00 within 30 days of the enactment of the Tax Cuts and Jobs Act which has been approved by Congress and is expected to be signed into law in the near future. 

“The Company has a unique opportunity to show our appreciation for the contributions of our hourly wage employees and recognize these team members who embrace their responsibilities every day to deliver exceptional service to OceanFirst customers,” said Chairman and Chief Executive Officer Christopher D. Maher.  Mr. Maher added, “We choose to invest in our employees because we believe that dedicated employees are the foundation for a successful company.”

The minimum hourly wage for OceanFirst Bank employees is already above the New Jersey minimum hourly wage of $8.60, which will be effective January 1, 2018. More than 135 OceanFirst Bank employees are expected to benefit from the minimum hourly wage increase to $15, with some increases that could be as high as 33% when the adjustment is effective. 

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank, founded in 1902, is a community bank with $5.2 billion in assets and branches located throughout central and southern New Jersey.  OceanFirst Bank delivers commercial and residential financing solutions, wealth management, and deposit services and is the largest and oldest community-based financial institution headquartered in Ocean County, New Jersey.

OceanFirst Financial Corp.'s press releases are available at http://www.oceanfirst.com.

Forward-Looking Statements

In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "will," "should," "may," "view," "opportunity," "potential," or similar expressions or expressions of confidence.  The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain.  Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, general economic conditions, levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, future natural disasters and increases to flood insurance premiums, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company's market area and accounting principles and guidelines.  These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and subsequent securities filings and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.  The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. 

Company Contact:

Jill Hewitt
Senior Vice President
OceanFirst Financial Corp.
Tel: (732)240-4500, ext. 7513
email: [email protected]