Orange County Business Bank N.A.(fka OCBB)

[56Chevy]

HomeStreet (HMST) to Acquire Orange County Business Bank for $11.70

HomeStreet (Nasdaq: HMST) has entered into a definitive agreement under which it will acquire Orange County Business Bank (OTC: OCBB) (“OCBB”), a California banking corporation.

The proposed transaction was approved by the boards of both companies and is expected to close late in the fourth quarter of 2015 or early in the first quarter of 2016, subject to certain conditions set forth in the merger agreement and the customary closing conditions, including OCBB shareholder and state and federal regulatory approvals.

Under the terms of the agreement, HomeStreet will acquire Orange County Business Bank for $11.70 per share, or a total value of $55.3 million with $5.5 million paid in cash and the remainder in HomeStreet common stock. The merger agreement provides for an adjustment to the number of shares of HomeStreet stock issuable in the transaction if HomeStreet’s average closing stock price, as measured during a ten-day trading day period ending on and excluding the fifth day prior to the closing date, falls outside a range of 90 percent to 115 percent of the average closing price measured during such a period prior to the signing date.

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http://www.streetinsider.com/Corporate+News/HomeStreet+(HMST)+to+Acquire+Orange+County+Business+Bank+for+$11.70Share/10924350.html

Marker:
Orange County Busine (OCBB)
$11.05 up 2.05 (22.78%)
Volume: 153,559

*Bank consolidation continues.