Monday, October 14, 2013 12:52:19 PM
Anytime anyone wants to buy a bank State and Federal regulators have to get involved and to complete this deal OPCB applied to become a bank holding company. Here is the order approving their application to become a BHC. In this document is other useful and insightful info.
http://www.federalreserve.gov/newsevents/press/orders/20130926a.htm
http://www.federalreserve.gov/newsevents/press/orders/orders20130926a1.pdf
The 2nd qtr financial statement gave the number of O/S at 1,073,310.
OPCB bought 90.1% of the company which means 9.1 new shares for each existing share had to be issued and sold. 9.1 X 1,073,310 = 9,767,121
$8.75MM is what OPCB paid in total.
If you divide $8.75MM by 9,767,121 shares it comes to 0.8958 or .90. That is the price OPCB paid.
This number would also closely represent a new book value.
A call to the company would verify the O/S.
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