Griffin Financial Group Serves as Advisor to Hilltop Community Bancorp, Inc. in Connection With its Sale to Haven Bancorp, Inc.
On June 5th, 2013, Haven Bancorp, MHC, based in Hoboken, NJ, announced its intention to acquire Hilltop Community Bancorp, Inc. (HTBC), based in Summit, NJ. Under the terms of the agreement, Hilltop shareholders receive $9.42 per share in cash, representing 130% of Hilltop’s tangible book value and 29.4x earnings at March 31, 2013. Haven invited Mort O’Shea, Hilltop’s President and CEO, to join its board of directors. The transaction closed on November 8, 2013. Griffin Financial Group was retained by Hilltop as its exclusive financial advisor and provided a fairness opinion to the Board of Directors.