TOMS RIVER, N.J., June 02, 2016 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp.(NASDAQ:OCFC), the holding company for OceanFirst Bank, today announced that John R. Garbarino has decided to step down from his responsibilities as Chairman of the Board effective December 31, 2016, and upon his recommendation the Board of Directors has designated President and Chief Executive Officer Christopher D. Maher as Chairman, succeeding Mr. Garbarino effective January 1, 2017.

Chairman Garbarino discussed his plans this morning at the 2016 OCFC Annual Meeting of Stockholders. Garbarino said, “I have concluded that it is now time for me to pass the Chairman’s gavel and reunite the Chairman and Chief Executive Officer positions at OceanFirst. Accordingly, I will step down as Chairman of OceanFirst at the end of this year. Over the past three years I have developed a great deal of confidence in President and Chief Executive Officer Christopher D. Maher’s ability to lead our Company.” Mr. Garbarino added, “It has been my great privilege to serve as Chairman of your Company for the past 20 years. I plan to remain active on the Board of Directors and am pleased to be able to take this next step in furtherance of the Company’s succession plan. I would like to thank the Leadership Committee and the Board for accepting my recommendation to designate Chris as my successor as Chairman.” John Walsh, Chairman of the Leadership Committee, will continue to serve as Lead Director, providing leadership to the Board’s independent directors.

Mr. Maher also commented, “On behalf of the Board of Directors and all of the employees of OceanFirst I offer our sincere gratitude and appreciation to John for his leadership over a 44-year tenure with our Company and his commitment to ensuring a smooth and orderly transition of his responsibilities. Personally, I am thankful for his ongoing guidance and support in the continued success of our Company.”

About OceanFirst Financial Corp.

OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank, founded in 1902, is a community bank with $4.2 billion in assets and 50 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 by visiting us at www.oceanfirst.com.