OCEANFIRST FINANCIAL CORP
SC 13G/A, 2000-02-11
SAVINGS INSTITUTION, FEDERALLY CHARTERED
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<PAGE> 1

                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549





                              SCHEDULE  13G/A

                   Under the Securities Exchange Act of 1934
                              (Amendment No. 3)*


                        OceanFirst Financial Corp.
              -----------------------------------------------
                                (Name of Issuer)

                      Common Stock, par value $.01 per share
              -----------------------------------------------
                        (Title of Class of Securities)


                                 675234-10-8
                     ----------------------------------------
                                (CUSIP Number)

                               December 31, 1999
                 -----------------------------------------------
            (Date of Event Which Requires Filing of this Statement)

Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:

      /x/ Rule 13d-1 (b)
      /_/ Rule 13d-1 (c)
      /_/ Rule 13d-1 (d)

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).

SEC 1745 (2-95)
                              Page 1 of 5 pages

<PAGE> 2



- --------------------------  ------------------------ ---------------------------
CUSIP NO. 675234-10-8                 13G/A               Page 2 of 5 Pages
- --------------------------  ------------------------ ---------------------------
1       NAME OF REPORTING PERSON
        S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
        OceanFirst
        Employee Stock Ownership Plan

- ---     ------------------------------------------------------------------------
2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                        (a) /__/
                                                        (b) /__/

- ---     ------------------------------------------------------------------------
3       SEC USE ONLY


- ---     ------------------------------------------------------------------------
4       CITIZENSHIP OR PLACE OF ORGANIZATION
        Federally chartered stock savings  institution's  employee stock benefit
        plan organized in New Jersey.

- -----------------  -----  ------------------------------------------------------
     NUMBER OF       5    SOLE VOTING POWER
       SHARES                 1,242,014
    BENEFICIALLY
      OWNED BY     -----  ------------------------------------------------------
        EACH         6    SHARED VOTING POWER
     REPORTING                  492,806
       PERSON
        WITH       -----  ------------------------------------------------------
                     7    SOLE DISPOSITIVE POWER
                              1,734,820

                   -----  ------------------------------------------------------
                     8    SHARED DISPOSITIVE POWER
                                 -0-
- ----   -------------------------------------------------------------------------
9      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
              1,734,820


- ----   -------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*


- ----   -------------------------------------------------------------------------
11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
            13.7% of 12,620,923 shares of Common Stock outstanding
            as of December 31, 1999.

- ----   -------------------------------------------------------------------------
12      TYPE OF REPORTING PERSON*
              EP

- --------------------------------------------------------------------------------
                     *SEE INSTRUCTION BEFORE FILLING OUT!



<PAGE> 3



                                   OCEANFIRST
                         EMPLOYEE STOCK OWNERSHIP PLAN

                                SCHEDULE  13G/A

Item 1(a)   Name of Issuer:
            OceanFirst Financial Corp.

Item 1(b)   Address of Issuer's Principal Executive Offices:
            975 Hooper Avenue
            Toms River, NJ 08754-2009

Item 2(a)   Name of Person Filing:
            OceanFirst
            Employee Stock Ownership Plan
            Trustee:  HSBC, USA
                      140 Broadway, 11th Floor
                      New York, NY  10005-1180

Item 2(b)   Address of Principal Business Offices or, if none, Residence:
            975 Hooper Avenue
            Toms River, NJ 08754-2009

Item 2(c) Citizenship: Federally  chartered stock savings institution's employee
                       stock benefit plan organized in New Jersey.

Item 2(d)   Title of Class of Securities: Common Stock, par value $.01 per share

Item 2(e)   CUSIP Number:  675234-10-8

Item 3      The person filing this statement is an employee benefit plan
            which is subject to the provisions of the Employee  Retirement
            Income Security Act of 1974.

Item 4      Ownership.  As of December 31, 1999, the reporting person
            beneficially owned 1,734,820 shares of the issuer.  This number of
            shares represents 13.7% of the common stock, par value $.01, of the
            issuer, based upon 12,620,923 shares of such common stock
            outstanding as of December 31, 1999.  As of December 31, 1999, the
            reporting person has sole power to vote or to direct the vote of
            1,242,014 of the shares and shares voting power over 492,806 shares.
            The reporting person has the sole power to dispose or direct the
            disposition of 1,734,820 shares of common stock.



                              Page 3 of 5 pages

<PAGE> 4



Item 5      Ownership of Five Percent or Less of a Class.

            N/A

Item 6      Ownership of More than Five Percent on Behalf of Another Person.

            N/A

Item 7      Identification and Classification of the Subsidiary Which Acquired
            the Security Being Reported on By the Parent Holding Company.

            N/A

Item 8      Identification and Classification of Members of the Group.

            N/A

Item 9      Notice of Dissolution of Group.

            N/A









                             Page 4 of 5 pages

<PAGE> 5


Item 10     Certification.

            By signing below, I certify  that, to the best of my knowledge and
            belief, the  securities referred to above  were  acquired  in the
            ordinary course of business and were not acquired and are not held
            for the purpose of or with the effect of changing or influencing the
            control of the issuer of the securities and were not acquired and
            are not held  in  connection with or  as a  participant  in  any
            transaction having that purpose or effect.

                                   SIGNATURE

      After  reasonable  inquiry and to the best of my knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.

                              February 11, 2000
                  --------------------------------------------
                                    (Date)

                              /s/ Patricia Pikus
                  --------------------------------------------
                                 (Signature)

                                Patricia Pikus
                          HSBC Bank, USA, as Trustee
                  --------------------------------------------
                                   (Title)

















                             Page 5 of 5 pages




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