BALA CYNWYD, Pa., May 29, 2009 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Central Jersey Bancorp ("Central Jersey" or the "Company") (Nasdaq:CJBK) relating to the proposed merger with OceanFirst Financial Corp. ("OceanFirst") (Nasdaq:OCFC).
Under the proposed agreement, Central Jersey shareholders will receive a fixed exchange ratio of 0.50 shares of OceanFirst stock for each share of Central Jersey common stock they own. Based on OceanFirst's May 28, 2009 closing price of $12.33, Central Jersey shares are now valued at $6.17 for this transaction. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the Central Jersey's board's approval of the proposed merger. In February 2009, Central Jersey shares were trading at over $7.30 and as recently as April 2009, the shares were trading at $6.70, both substantially higher than the current offer.
If you own shares of Central Jersey and wish to discuss the legal ramifications of the proposed acquisition by OceanFirst, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.