SA News • Tue, Oct. 28
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Tue, Oct. 28, 6:04 PM
Wed, Oct. 22, 5:05 PM
Tue, Jul. 29, 5:54 PM
Wed, Jul. 16, 4:13 PM
Thu, Apr. 24, 6:00 PM
Wed, Apr. 16, 3:02 PM
Tue, Jan. 28, 6:03 PM
Wed, Jan. 22, 12:28 PM
Nov. 21, 2013, 9:48 AM
- Rangeley Capital - led by SA contributor Chris DeMuth - boosts its stake in Ocean Shore Holding (OSHC +2.1%) to 7.7% from 7% and continues its call for a sale of the company. "Even using conservative price estimates, a strategic buyer would likely pay a substantial premium to acquire the company today," says DeMuth in a letter the board.
- Shortly after the news, the board announces approval of a 210K share buyback program, roughly 3% of the float. (PR)
- Previous: SA's Profit Fan and DeMuth on the opportunity in Ocean Shore
Oct. 29, 2013, 6:59 PM
Oct. 23, 2013, 5:21 PM
Sep. 13, 2013, 9:33 AM
- It's another community bank deal with Simmons First (SFNC) winning bankruptcy court approval to buy Metropolitan National Bank from Rogers Bancshares for $53.6M in cash.
- MNB has assets of $991M - including loans of $484M - and deposits of $862M. Total equity foots to $62M, with a Tier 1 leverage ratio of 6.46%.
- Raymond James and Stephens both upgrade Simmons to Buy in lieu of what appears to be an accretive deal.
- In other community bank M&A news, Larry Seidman ups the pressure (SEC form 13, go to Exhibit A at the end) on OBA Bank (OBAF) to put itself on the block. Seidman owns about 6.9% of the bank's stock.
- OBA and Ocean Shore Holding (OSHC) are two tapped by SA author Chris DeMuth (OBAF here, OSHC here) as having takeout potential at a significant premium to their current prices following the end of a 3-year moratorium on their sales.
Jul. 30, 2013, 9:18 AM
Jul. 17, 2013, 4:54 PM
Apr. 30, 2013, 6:52 PM
Apr. 30, 2013, 3:55 PMOcean Shore Holding (OSHC +1.4%) gets an afternoon lift as Chris DeMuth files a 13D showing he and his hedge fund have been busily adding to their stake in the Jersey shore bank, now controlling 7% of the shares. DeMuth's top idea in 2012 when it was a $10 stock, Ocean Shore remains an acquisition target, says DeMuth, with still at least a 20% upside necessary to get shareholder approval. | Comment!
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Ocean Shore Holding Co is engaged in directing, planning, and coordinating the business activities of the Bank. It operates as a community-oriented financial institution offering a range of financial services to consumers and businesses.
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