Oceanfirst Financial Will Buy Back Up to 5% of Shares

OceanFirst Financial Corp.

, the holding company for OceanFirst Bank (the "Bank"), announced today its intention to repurchase up to 901,002 shares, or 5%, of its outstanding common stock as of September 30, 2012 (the "Repurchase Program"). Stock will be purchased from time-to-time in the open market subject to market conditions or in privately negotiated transactions. John R. Garbarino, Chairman and Chief Executive Officer of OceanFirst Financial Corp. stated, "The renewal of our Repurchase Program continues management's commitment to manage OceanFirst Financial Corp.'s capital efficiently and is a sound investment decision."   Mr. Garbarino continued, "Our analysis of recent market conditions clearly supports the continuation of this Program as an effective means to enhance shareholder value."