Oak Street Holdings to be acquired, preferred holders to receive cash

By Angela McDaniels

Tacoma, Wash., July 24 – Oak Street Holdings Corp.’s preferred stock will be converted into the right to receive cash when the company is acquired by First Financial Bank, NA, according to an 8-K filing with the Securities and Exchange Commission.

The holders of the company’s preferreds and common stock will have the right to receive an aggregate cash amount of $110 million, subject to adjustments that may reduce the amount under certain limited circumstances.

The parties entered into the merger agreement on Thursday. First Financial anticipates that the merger will be completed by Aug. 31.

Carmel, Ind.-based Oak Street offers commission-based commercial financing for insurance professionals and third-party loan servicing for financial institutions. AG-OSF Holdings, LLC is its majority owner.

First Financial Bank is a subsidiary of Hamilton, Ohio.-based First Financial Bancorp.

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