OceanFirst Financial Corp. Announces Pricing of Common Stock Offering

TOMS RIVER, N.J., Oct. 29, 2009 (GLOBE NEWSWIRE) -- OceanFirst Financial Corp.
(Nasdaq:OCFC) announced today that it has priced a public offering of 5,556,000
shares of its common stock at $9.00 per share. OceanFirst also granted the
underwriters a 30-day option to purchase up to 833,400 shares to cover
over-allotments, if any. The sale is expected to settle on November 3, 2009,
subject to customary closing conditions. Sandler O'Neill + Partners, L.P. and
Stifel, Nicolaus & Company, Incorporated are acting as joint bookrunning
managers, and Keefe, Bruyette & Woods, Inc. and Sterne, Agee & Leach, Inc. are
acting as co-managers for the offering. Net proceeds from the offering are
expected to be $46.9 million. OceanFirst expects to use a portion of the net
proceeds from this offering to repurchase the Fixed Rate Cumulative Perpetual
Preferred Stock, Series A sold to the U.S. Treasury pursuant to the Capital
Purchase Program of the Troubled Asset Relief Program ("TARP"), and to
repurchase the Fixed Rate Cumulative Perpetual Preferred Stock of Central Jersey
Bancorp ("Central Jersey") sold to the U.S. Treasury pursuant to the Capital
Purchase Program of the TARP, in the event such Preferred Stock remains
outstanding after consummation of the Company's merger with Central Jersey. Both
OceanFirst and Central Jersey have submitted applications to repurchase their
respective shares of Preferred Stock, however, OceanFirst cannot predict when,
or if, approval of either application will be granted to repurchase these
shares. Net proceeds of the offering not used to repurchase the Preferred Stock
will be used for general corporate purposes.

This news release shall not constitute an offer to sell or the solicitation of
an offer to buy the securities described herein, nor shall there be any offer or
sale of these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful. OceanFirst has filed a registration
statement (including a prospectus) with the SEC for the offering to which this
communication relates. Prospective investors should read the prospectus in that
registration statement, the prospectus supplement and other documents that
OceanFirst has filed with the SEC for more complete information about OceanFirst
and the offering. Investors may obtain these documents without charge by
visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the
prospectus supplement and the prospectus relating to the offering may be
obtained from Sandler O'Neill + Partners, L.P., 919 Third Avenue, 6th Floor, New
York, New York 10022, 800-635-6859; or from Stifel, Nicolaus & Company, Inc.,
Syndicate Department, 237 Park Avenue, New York, New York 10017, 800-488-0970.

Cautionary Statement Regarding Forward-Looking Information:

This press release may contain forward-looking statements, within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, with respect to the ability of
OceanFirst to offer and sell securities including common stock, the proposed
merger with Central Jersey Bancorp and the financial condition, liquidity,
results of operations, future performance and business of OceanFirst. These
forward-looking statements are intended to be covered by the safe harbor for
"forward-looking statements" provided by the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are those that are not historical
facts. These forward-looking statements include statements with respect to
management's beliefs, plans, objectives, goals, expectations, anticipations,
estimates and intentions that are subject to significant risks and uncertainties
and are subject to change based on various factors (some of which are beyond
management's control). The words "may," "could," "should," "would," "believe,"
"anticipate," "estimate," "expect," "intend," "plan" and similar expressions are
intended to identify forward-looking statements.

These forward-looking statements are based on management's current expectations,
estimates, forecasts and projections about OceanFirst and are subject to risks
and uncertainties that could cause actual results and events to differ
materially from those stated in the forward-looking statements. A number of
those risks, trends and uncertainties are discussed in OceanFirst's SEC reports,
including OceanFirst's annual report on Form 10-K and quarterly reports on Form
10-Q, as well as the registration statement relating to the offering to which
this communication relates all of which are accessible on the SEC's website at
http://www.sec.gov. Any forward-looking statements in this press release should
be evaluated in light of those important risk factors. Forward-looking
statements contained in this press release are made only as of the date hereof,
and OceanFirst undertakes no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events or otherwise.

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CONTACT: OceanFirst Financial Corp.
Michael J. Fitzpatrick, Chief Financial Officer
(732) 240-4500, ext. 7506
Fax: (732) 349-5070
Mfitzpatrick@oceanfirst.com