NEW YORK, June 12, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating the Board of Directors of Central Jersey Bancorp ("Central Jersey" or the "Company") (Nasdaq:CJBK) for breaches of fiduciary duty and other violations of state law arising out of their agreeing to sell the Company to OceanFirst Financial Corp. ("OceanFirst") (Nasdaq:OCFC). Under the merger agreement, Central Jersey shareholders will receive 0.5 shares of OceanFirst stock for each share of OceanFirst they own. Based on the May 26, 2009 closing price of OceanFirst stock at $14.23 per share, the transaction values Central Jersey shares at $7.12 for a total deal value of approximately $68.4 million. The price is unfair given that Central Jersey shares traded at $7.50 per share as recently as February 10, 2009 and the 60-day average of OceanFirst shares is only $11.91 per share. Also, since the transaction was announced, the price of OceanFirst shares have dropped to as low as $11.75 per share.
If you own common stock in Central Jersey and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/cjbk1.html