Ocean Shore Holding Co. (the “Company”) (Nasdaq:OSHC), holding company
for Ocean City Home Bank, announced today that it has commenced a
syndicated community offering to complete the sale of shares in the
offering being conducted in connection with its reorganization from the
two-tier mutual holding company structure to the stock holding company
structure. The Company received subscriptions for approximately 183,801
shares from depositors and community members in the subscription and
direct community offering. The number of shares subscribed for does not
include shares to be purchased by the employee stock ownership plan.
The syndicated community offering is being conducted through a syndicate
of broker-dealers that will be managed by Sandler O’Neill & Partners,
L.P. Neither Sandler O’Neill & Partners, L.P. nor any other member of
the syndicate group will be required to purchase any shares in the
offering. The Company expects that the offering will be completed
between the minimum and the midpoint of the offering range.
The offering is being conducted by the new holding company for Ocean
City Home Bank – a newly formed New Jersey corporation also named Ocean
Shore Holding Co. – in connection with the second-step conversion of
Ocean City Home Bank. In order to consummate the offering, new Ocean
Shore Holding must sell a minimum of 4,037,500 shares at $9.00 per
share. The terms and conditions of the offering are more fully set forth
in Ocean Shore Holding’s prospectus dated November 12, 2008 and the
prospectus supplement dated January 5, 2009.
The completion of the offering remains subject to final regulatory
approvals and approval of the Plan of Conversion by members of OC
Financial MHC and shareholders of Ocean Shore Holding at their
respective special meetings to be held on January 8, 2009.
Ocean Shore Holding Co. is the holding company for Ocean City Home Bank,
a federal savings bank headquartered in Ocean City, New Jersey. Ocean
City Home Bank operates a total of nine full-service banking offices in
eastern New Jersey.
This press release contains certain forward-looking statements about the
conversion and offering. Forward-looking statements include statements
regarding anticipated future events and can be identified by the fact
that they do not relate strictly to historical or current facts. They
often include words such as “believe,” “expect,” “anticipate,”
“estimate,” and “intend” or future or conditional verbs such as “will,”
“would,” “should,” “could,” or “may.” Forward-looking statements, by
their nature, are subject to risks and uncertainties.
