COLUMBIA EQUITIES, LTD, A SUBSIDIARY OF OCEANFIRST BANK

                             EMPLOYMENT AGREEMENT





     This AGREEMENT is made effective as of August 18, 2000, by and among

Columbia Equities, Ltd., a subsidiary of OceanFirst Bank (the "Company"), with

its principal administrative office at 150 White Plains Road, Tarrytown, New

York, and Robert M. Pardes ("Executive").



     WHEREAS, the Company wishes to assure itself of the services of Executive

for the period provided in this Agreement; and



     WHEREAS, Executive is willing to serve in the employ of the Company for

said period.



     NOW, THEREFORE, in consideration of the mutual covenants herein contained,

and upon the other terms and conditions hereinafter provided, the parties hereby

agree as follows:



1.   POSITION AND RESPONSIBILITIES

     -----------------------------



     During the period of Executive's employment under this Agreement,

Executive agrees to serve as President of the Company. Executive shall render

administrative and management services to the Company such as are customarily

performed by persons situated in a similar executive capacity, and as the Board

of Directors of the Company (the "Board") and the chief executive officer of

OceanFirst Bank (the "Bank") may from time to time determine.



2.   TERMS AND DUTIES

     ----------------



     (a) The term of Executive's employment under this Agreement shall be deemed

to have commenced as of the date first above written and shall continue for a

period of thirty-six (36) full calendar months thereafter. Commencing on the

first anniversary date of this Agreement, and continuing on each anniversary

thereafter, the Board may extend the Agreement an additional year such that the

remaining term of the Agreement shall be three (3) years unless the Executive

elects not to extend the term of this Agreement by giving written notice in

accordance with Section 8 of this Agreement. The Board will review the Agreement

and Executive's performance annually for purposes of determining whether to

extend the Agreement and the rationale and results thereof shall be included in

the minutes of the Board's meeting. The Board shall give notice to the Executive

as soon as possible after such review as to whether the Agreement is to be

extended.



     (b) During the period of Executive's employment hereunder, the Executive

will devote approximately 50% of his time performing duties as the Executive

Vice President, Director of Residential Lending of the Bank. Except for periods

of time spent by Executive



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performing duties at the Bank, and except for absence occasioned by illness,

reasonable vacation periods, and reasonable leaves of absence, Executive shall

devote all his business time, attention, skill, and efforts to the faithful

performance of his duties hereunder, including activities and services related

to the organization, operation and management of the Company and participation

in community and civic organizations; provided, however, that, with the approval

of the Board, as evidenced by a resolution of such Board, from time to time,

Executive may serve, or continue to serve, on the boards of directors of, and

hold any other offices or positions in, companies or organizations, which, in

such Board's judgment, will not present any conflict of interest with the

Company, or materially affect the performance of Executive's duties pursuant to

this Agreement.



     (c) During the term of this Agreement Executive shall have the right to

select the closing counsel the Company uses in its lending operations,

including, but not limited to, Pardes & Pardes and its network of closing

counsel, provided that any such closing counsel pays its own overhead and

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