SA News • Tue, Apr. 8
Happy Anniversary: End Of Moratorium Makes OBA Financial A Potential Deal Target
- Rangeley Capital is an owner of OBA Financial as Disclosed in SEC filings.
- We have advocated for the sale of OBA to its board and management.
- This was a top investment idea in early 2010. Here is why it remains attractive in early 2013.
There are no Transcripts on OBAF.
Tue, Apr. 8, 12:45 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.
Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.
OBA Financial Services, Inc. is a bank holding Company of OBA Bank. It offers financial services to individuals, families, and businesses through six banking offices located in the Maryland counties of Montgomery, Anne Arundel, and Howard.
Other News & PR