Ocean Federal Savings Bank Announces Agreement With Summit Bank to Purchase Whiting Branch Deposits

Business Wire, April 14, 1998

TOMS RIVER, N.J.--(BUSINESS WIRE)--APRIL 14, 1998--Ocean Federal Savings Bank, a subsidiary of Ocean Financial Corp. (NASDAQ:OCFC), today announced plans to purchase over 1,900 accounts, with existing deposit balances of approximately $16.8 million, from Summit Bank. The accounts are currently serviced by the Whiting branch of Summit Bank and upon completion of the transaction will be transferred to the Whiting branch of Ocean Federal Savings Bank. Pending regulatory approvals, the transaction is expected to close in June, 1998.

In making today's announcement, John R. Garbarino, Chairman, President and Chief Executive Officer, said: "We look forward to welcoming these customers to our Ocean Federal family. As the premier community-bank in Ocean County, our new customers can expect first-class banking products and services." Mr. Garbarino added, "In addition, this transaction will strengthen Ocean Federal's already strong market share in Whiting."

Ocean Financial Corp.'s subsidiary, Ocean Federal Savings Bank, founded in 1902, is a federally-chartered stock savings bank with $1.5 billion in assets and nine of its ten branches located in Ocean County. It is the largest community-based financial institution headquartered in Ocean County, New Jersey.

CONTACT: Investor Relations: Company:

The Foristall Company, Inc. Michael J.Fitzpatrick

Thomas F. Curtin Chief Financial Officer

212/797-4646 Ocean Financial Corp.

732/240-4500, ext. 7506