Edition:
United Kingdom

Oceanfirst Financial - In Q4 Management Identified An Issue In Internal Control


Friday, 1 Mar 2019 

March 1 (Reuters) - OceanFirst Financial Corp ::OCEANFIRST FINANCIAL CORP. ANNOUNCES FILING OF FORM 12B-25.OCEANFIRST FINANCIAL CORP - IN Q4 OF 2018, MANAGEMENT IDENTIFIED AN ISSUE IN INTERNAL CONTROL.OCEANFIRST FINANCIAL CORP - EXPECTS REMEDIATION OF MATERIAL WEAKNESS WILL BE COMPLETED DURING 2019.OCEANFIRST FINANCIAL- CERTAIN OF BUSINESS PROCESS CONTROLS DEPENDENT ON AFFECTED ITGCS DEEMED INEFFECTIVE AS THEY COULD HAVE BEEN ADVERSELY IMPACTED.OCEANFIRST - BELIEVES CONTROL DEFICIENCIES RESULT OF SYSTEM ACCESS ENABLING SOME EMPLOYEES TO SERVE IN MULTIPLE CAPACITIES IN ORDER TO BEST SERVE CUSTOMERS.OCEANFIRST FINANCIAL CORP - MANAGEMENT HAS DETERMINED THAT ISSUE IS A MATERIAL WEAKNESS IN INTERNAL CONTROL.OCEANFIRST FINANCIAL - MATERIAL WEAKNESS HAS NOT RESULTED IN ANY IDENTIFIED MISSTATEMENTS, THERE HAVE BEEN NO CHANGES TO PREVIOUS FINANCIAL RESULTS.OCEANFIRST FINANCIAL CORP - EXPECTS TO FILE ITS FORM 10-K SUBJECT TO EXTENSION, WHICH GIVES COMPANY AN ADDITIONAL 15 DAYS TO FILE FORM 10-K.OCEANFIRST FINANCIAL - REMEDIATION EFFORTS HAVE BEGUN; MATERIAL WEAKNESS, HOWEVER, WILL NOT BE CONSIDERED REMEDIATED.OCEANFIRST FINANCIAL - MATERIAL WEAKNESS TO NOT BE CONSIDERED REMEDIATED UNTIL MANAGEMENT CONCLUDED CONTROLS ARE OPERATING EFFECTIVELY. 

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