OCEAN CITY, N.J., Aug. 5, 2014 /PRNewswire/ -- Ocean Shore Holding Co. (NASDAQ: OSHC) today announced it has completed its previously announced stock repurchase program plus the repurchase of an additional 65,000 shares that became available to the Company for a total repurchase of approximately 200,000 shares.
The Company also announced that its board of directors has approved the repurchase of an additional 135,000 shares of the Company's outstanding common stock, which is approximately 2% of outstanding shares. Purchases will be conducted solely through a Rule 10b5-1 repurchase plan with Sandler O'Neill & Partners, L.P. Purchases will be based upon the parameters of the Rule 10b5-1 repurchase plan. The Rule 10b5-1 repurchase plan allows the Company to repurchase its shares during periods when it would normally not be active in the market due to its internal trading blackout period.
The Company's board of directors has also approved the partial redemption of $3 million principal amount of its 8.67% Capital Securities (the "Capital Securities") issued by Ocean Shore Capital Trust I ("Capital Trust I"), a wholly-owned subsidiary of the Company. The redemption date for the Capital Securities is September 5, 2014 (the "Redemption Date").
The redemption price for each of the Capital Securities will equal 101.734% of the $1,000.00 liquidation amount per security, plus all accumulated and unpaid distributions per security to the Redemption Date. All interest accruing on the Capital Securities called for redemption will cease to accrue on and after the Redemption Date.
The Capital Securities are being redeemed, along with a pro rata number of common securities issued by Capital Trust I and held by the Company, as a result of the concurrent redemption of the 8.67% Junior Subordinated Deferrable Interest Debentures held by Capital Trust I, which underlie the Capital Securities. Deutsche Bank Trust Company Americas, as property trustee of Capital Trust I, will notify holders of the Capital Securities called for redemption.
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 eleven full-service banking offices in eastern New Jersey.
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SOURCE Ocean Shore Holding Co.
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