Ocean Shore Holding Co. (Nasdaq: OSHC), the holding company for Ocean City Home Bank, announced today that it has received final regulatory approvals for its previously announced acquisition of CBHC Financialcorp, Inc. and its wholly-owned subsidiary, Select Bank. Subject to the satisfaction of customary closing conditions, the closing date for the acquisition is expected to be August 1, 2011.
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 ten full-service banking offices in eastern New Jersey.
CBHC Financialcorp, Inc. is the holding company for Select Bank. Select Bank operates five offices in Atlantic County, New Jersey.
Forward-Looking StatementsThis news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements include statements regarding the anticipated closing date of the transaction and anticipated future results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include delays in completing the merger, difficulties in achieving cost savings from the merger or in achieving such cost savings within the expected time frame, difficulties in integrating Select Bank and Ocean City Home Bank, increased competitive pressures, changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business in which Select Bank and Ocean City Home Bank are engaged, changes in the securities markets, and other risks and uncertainties disclosed from time to time in documents that Ocean City Home files with the Securities and Exchange Commission.