Profit Fan • 29 Comments
Wed, Jul. 13, 8:30 AM
- Ocean Shore (NASDAQ:OSHC) owners will receive $4.35 per share in cash and 0.9667 shares of OceanFirst (NASDAQ:OCFC) common stock for each share of OSHC they hold, a value of about $22.47 per share at current prices. Last night's close was $16.93.
- The price equates to 132% of March 31 tangible book value.
- OcwenFirst expects EPS accretion of about 5.4% in 2018.
- A conference call is set for 11 ET
- Ocean Shore has been a longtime favorite of SA contributor Chris DeMuth, who touted the bank as a takeover target.
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.
Apr. 30, 2013, 3:55 PM
Ocean 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.| Apr. 30, 2013, 3:55 PM