Business
OCEANFIRST BANK ANNOUNCES INITIATIVES TO ASSIST CUSTOMERS, EMPLOYEES AND COMMUNITIES AFFECTED BY COVID-19
RED BANK, N.J., March 16, 2020 (GLOBE NEWSWIRE) -- OceanFirst Bank N.A. (“OceanFirst” or the “Bank”), the wholly owned subsidiary of OceanFirst Financial
About this update from Oceanfirst Financial Corp.
[{"type":"text","content":"RED BANK, N.J., March 16, 2020 (GLOBE NEWSWIRE) -- OceanFirst Bank N.A. (“OceanFirst” or the “Bank”), the wholly owned subsidiary of OceanFirst Financial Corp. (NASDAQ:OCFC), today announced a series of precautionary measures intended to mitigate the impact of the COVID-19 virus outbreak on its customers, employees and communities. The measures will be re-evaluated as circumstances require.\n “As a community-based financial institution, we believe OceanFirst can and should extend a helping hand to our customers, employees and neighbors at this difficult time,” noted Christopher D. Maher, OceanFirst Chairman, President and Chief Executive Officer. “We are offering payment relief to affected borrowers, adjusting branch operations to help protect the health and safety of customers and employees while maintaining access to our services, providing additional paid time off for employees who may be impacted, and supporting local schools and non-profit organizations through OceanFirst Foundation grant programs. Our experience during other periods of extreme hardship, such as Superstorm Sandy, is that these efforts are an important lifeline that help our customers, employees and neighbors – and our Company – stay resilient and come back stronger.” Borrower Relief Program - BusinessesOceanFirst is offering to defer certain loan payments for up to 90 days for the most seriously impacted categories of business borrowers, as described below. Current OceanFirst business borrowers who wish to request relief are encouraged to call their Commercial Loan relationship officer. Details include the following: Public accommodation businesses, such as restaurants/caterers, and certain retail establishments, that are forced to close will be eligible for full deferral of loan payments (principal and interest) for 90 days, and immediate working capital facilities up to $200,000.Public accommodation businesses that are reducing services in response to the pandemic (such as reducing capacity, transitioning to take-out only) will be eligible to make interest-only payments and defer principal payments for 90 days, and immediate working capital facilities up to $100,000.Additional relief programs may be available to the Bank’s business borrowers on an individualized basis, depending on their circumstances. All programs will be subject to bank approval. Borrow...