Two lenders based in New Jersey have struck an M&A deal. OceanFirst Bank N.A. is acquiring Garden State Home Loans Inc., which will become a new division for the regional depositary bank, HousingWire has learned.
Garden State’s president and CEO, Justin DeJoseph, emailed employees on July 25 to announce the transaction.
In the message reviewed by HousingWire, DeJoseph wrote that by becoming part of a larger organization, Garden State gains access to a “national lending platform, greater resources, enhanced career development opportunities, and the ability to offer more comprehensive services to our clients, well beyond residential mortgage lending.”
Garden State’s website and social media page reflect the status of a “division of OceanFirst Bank N.A.”
A spokesperson for OceanFirst Financial Corp, parent of OceanFirst Bank, and DeJoseph did not reply to requests for comments.
Garden State had 34 sponsored loan officers and two active branches—in Medford (New Jersey) and Maitland (Florida)—as of Friday, per the Nationwide Multistate Licensing System (NMLS).
The company, founded in 2011 as a mortgage broker, transitioned to a mortgage lender in 2017. Its website says the lender has funded over $5.6 billion in 19,000 loans since its foundation. Meanwhile, OceanFirst Bank, founded in 1902, had about 200 loan officers as of Friday, the NMLS data shows.
In the email to employees, DeJoseph wrote that selling the company will enable Garden State to provide more products without changing its processes.
DeJoseph also wrote that the deal did not change the company’s expansion plans. “We are actively hiring both operational and sales personnel to strengthen our team,” he said. “The goal is increasing our volume year over year and double our staff by mid-next year. This will allow us to hit our goals of doing $2 billion in volume in 2025.”
