Oconee Federal Completes Acquisition of Mutual Savings Bank
Oconee Federal Financial Corp. (OFED)
US:NASDAQ Investor Relations:
oconeefederal.com/about-us.aspx
Company Research
Source: Business Wire
SENECA, S.C.--(BUSINESS WIRE)--Oconee Federal Financial Corp. (OTC: OFED) (“the Company”), the holding company for Oconee Federal Savings and Loan Association (“Oconee Federal”), and the majority-owned subsidiary of Oconee Federal, MHC (“the MHC”), has completed its acquisition of Mutual Savings Bank (“Mutual”).Mutual’s office has become a branch office of Oconee Federal. As part of the transaction, the Company has issued 230,215 shares of its common stock to the MHC, or $3.2 million, which is equal to the fair value of Mutual as determined by a third-party appraisal. The transaction has increased the Company’s consolidated assets to approximately $660 million. Furthermore, the transaction was immediately accretive to the Company’s earnings and is expected to be going forward, and immediately accretive to the Company’s tangible book value per share. Oconee Federal’s capital ratios continue to exceed “well capitalized” regulatory standards.Oconee Federal has established an Advisory
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