OceanFirst Financial Corp., the holding company for OceanFirst Bank N.A., and Partners Bancorp, the parent company of The Bank of Delmarva (and its division, Liberty Bell Bank) headquartered in Seaford, DE, and Virginia Partners Bank (and its division, Maryland Partners Bank) headquartered in Fredericksburg, VA, jointly announced they have agreed to terminate the merger agreement announced on Nov. 4, 2021, effective immediately.

The termination was approved by both companies’ boards of directors after careful consideration of the proposed merger and the progress made towards completing the proposed merger. In addition, each party has agreed to bear its own costs incurred to date and no termination fee will apply for either party.