Activist, OBA Financial: Activist Lawrence Seidman recently disclosed increasing his position in OBA Financial Services Inc (NASDAQ:OBAF). In a filing with the Securities and Exchange Commission, the manager of Seidman and Associates, L.L.C. reported owning 327,154 shares of the company, up from the previously disclosed amount of 279,312 shares. The current position represents 8.10% of OBA Financial and has a value of almost $6.1 million, at current market prices. Seidman is seeking for OBA Financial Services to sell the company in order to increase the value of shareholders’ investments.
In a letter attached to an earlier filing, Seidman stated that OBA Financial Services “has failed to meaningfully grow its assets since becoming a public company in January, 2010. Further, OBAF’s return on average assets and return on average equity is abysmal. OBAF’s poor efficiency ratio, the highest among its peers, as shown in the chart below, partially explains OBAF’s extremely poor financial performance metrics.” You can read the full text of the letter from the SEC filing by accessing the link below.
Seidman’s Letter to OBA Financial Services
Howard Guberman’s Gruss Asset Management also owns 90,000 shares of OBA Financial Services.
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