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August 5, 2014
09:08 EDTOSHCOcean Shore Holding announces additional repurchase of commons stock
Ocean Shore Holding 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. The Company's board of directors has also approved the partial redemption of $3M principal amount of its 8.67% Capital Securities issued by Ocean Shore Capital Trust I, a wholly-owned subsidiary of the Company. The redemption date for the Capital Securities is September 5. 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.
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