Ocean Shore Holding Co. (the “Company”) (Nasdaq:OSHC), holding company
for Ocean City Home Bank, announced today that it has received an
extension of time to complete its offering being conducted in connection
with its reorganization from the two-tier mutual holding company
structure to the stock holding company structure. The Company intends to
obtain an updated independent appraisal based on first quarter financial
data and to complete the offering thereafter. In accordance with Office
of Thrift Supervision regulations, the amount of stock to be sold in the
offering is based on an independent appraisal of the Company.
“When we began our stock offering last November, no one anticipated the
sharply negative turn that the economy and the market would take,” said
Steven E. Brady, President and CEO. “We expect that if market conditions
stabilize within the next few months, we will be able to return to the
market and complete our stock offering. On the other hand, if investor
confidence remains elusive and bank stocks remain out of favor, we may
need to postpone the offering until a time when we are more certain that
it can be completed. Although we are frustrated that market conditions
have kept us from reaching our goal, we remain committed to completing
our second-step conversion and believe that the stock holding company
structure will best position us to execute our business strategy and
build shareholder value.”
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 accordance with regulatory requirements, all persons who submitted
orders in the subscription and direct community offerings will have
their subscriptions cancelled and funds returned with interest or
deposit holds released.
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. Certain factors
that could cause actual results to differ materially from expected
results include delays in consummation of the conversion and offering,
difficulties in selling the common stock or in selling the common stock
within the expected time frame, increased competitive pressures, changes
in the interest rate environment, general economic conditions or
conditions within the securities markets, and legislative and regulatory
changes that could adversely affect the business in which Ocean Shore
Holding and Ocean City Home Bank are engaged.
A registration statement relating to these securities has been filed
with the United States Securities and Exchange Commission. This press
release is neither an offer to sell nor a solicitation of an offer to
buy common stock. The offer will be made only by means of the written
prospectus forming part of the registration statement.
The shares of common stock of new Ocean Shore Holding are not savings
accounts or savings deposits, may lose value and are not insured by the
Federal Deposit Insurance Corporation or any other government agency.
Ocean Shore Holding Co.
Steven E. Brady, President and CEO
609-399-0012
