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Email this5:55 am
March 17, 2018
Offline
Under the terms of the Arrangement Agreement, subject to shareholder and other customary approvals, the Purchaser will acquire the issued and outstanding common shares of Home Capital that SFC does not already own for $44.00 in cash per share (the “Purchase Price”), subject to increase as described below (the “Transaction”).
7:21 am
October 11, 2015
Offline
Got the email from Home Trust.
I hope that it’s still safe.
If you have trouble viewing this email, read the online version.
Home Capital enters into definitive arrangement to be acquired by Smith Financial Corporation for $44.00 per share
Dear XXXXXX
We are reaching out today to share some exciting news about Home Capital, the parent company of Oaken Financial. Home Capital has reached an agreement to be acquired by Smith Financial, a company backed by one of Canada’s leading investors in the financial services industry.
The most important thing to know is that it is business as usual for you and all our Oaken customers. This news will have no impact on the quality products and services you have with Oaken, or how you do business with us. Our parent company, Home Capital, is thrilled about the prospect of partnering with Smith Financial, a company known for providing innovative financial products and services that meet the needs of a diverse range of Canadians. It marks an exciting milestone in the evolution of our company and acknowledges the value that we offer those that work with us. The acquisition of Home Capital by Smith Financial is expected to be completed in the next 6 – 12 months.
At Oaken, we will remain focused on providing you with market-leading solutions to meet your needs and the exceptional service you have come to expect from us.
We look forward to continuing to serve you and we thank you for your trust and confidence in us.
If you have additional questions about the acquisition of Home Capital by Smith Financial, please contact us at service@oaken.com.
Yours sincerely,
The Oaken Financial team
145 King Street West, Suite 2500, Toronto, Ontario M5H 1J8 | hometrust.ca
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Legal | Privacy
8:18 am
October 15, 2015
Offline
Who's Smith Financial? I’ve never heard of them.
9:19 am
October 27, 2013
Online
christinad said
Who's Smith Financial? I’ve never heard of them.
Graciously stolen from another forum https://opmwire.com/stephen-smith-first-national/
Based on how Stephen operates, he obviously has a plan for HCG that might include a larger mortgage underwriting business, but less in deposit taking and holding of actual mortgages.... or more (or less) CMHC insured mortgages, or a source for more private equity ventures.
9:40 am
January 12, 2019
Offline
christinad said
Who's Smith Financial? I’ve never heard of them.
Google Is Your Friend ➡ https://www.google.ca/
A much Bigger question is; 'Will Smith Financial make Oaken a better place
for us GIC investors❓'
Lets hope so ... time will tell.
- Dean
" Live Long, Healthy ... And Prosper! "
9:56 am
October 27, 2013
Online
Or maybe close the retail arm (Oaken) down. That is clearly an option depending on his plans. His current businesses (beyond his equity in Equitable) don't seem to have much of a retail component.
11:28 am
October 27, 2013
Online
Can no longer edit prior post, but should have included "eliminating direct to customer" model and instead relying on broker channels only. Just a WAG on my part.
1:19 pm
January 12, 2019
Offline
AltaRed said
Or maybe close the retail arm (Oaken) down. That is clearly an option depending on his plans. His current businesses (beyond his equity in Equitable) don't seem to have much of a retail component.
. . . "eliminating direct to customer" model and instead relying on broker channels only. Just a WAG on my part.
Fingers crossed, your WAG is Wrong.
I'm guessing (& hoping) one of the reasons Smith bought Home was to gain access to an up-&-running retail operation (Oaken), as a 'Diversification'.
I'm going with that ⬆
Any Bets ❓ 
- Dean
" Live Long, Healthy ... And Prosper! "
2:14 pm
October 27, 2013
Online
G&M article today quoted Smith, in an interview, saying he intends to operate HCG as a fully independent company and thinks there is a lot of room in the Alt mortgage market for everyone, i.e. there is no lack of competition. Anything else is pure speculation, including actual approval by HCG shareholders and OSFI to complete the acquisition.
No bets here. Simply a WAG to cause people to think.
2:22 pm
October 21, 2013
Offline
He owns or has a controlling interest in other banks and mortgage-related companies. Longer term, he may be thinking of forming a bigger bank out of these pieces, for which Oaken would be an asset. Despite Oaken's annoyances, it is a well-oiled machine.
HCG shares surged today. I expect he will have no difficulty with shareholder approval. He already owns over 9% of it and probably knows the views of other major shareholders.
3:31 pm
January 9, 2011
Offline
AltaRed said
G&M article today quoted Smith, in an interview, saying he intends to operate HCG as a fully independent company and thinks there is a lot of room in the Alt mortgage market for everyone, i.e. there is no lack of competition. Anything else is pure speculation, including actual approval by HCG shareholders and OSFI to complete the acquisition.No bets here. Simply a WAG to cause people to think.
And a good time waster using some capitalized letters together it was! However, luckily Google was my friend, to wit:
What is WAG slang for?
WAG (plural WAGs) (informal) A wife or girlfriend of a sports star or other celebrity, originally and especially of an association football player.
"Keep your stick on the ice. Remember, I'm pulling for you. We're all in this together." - Red Green
4:46 pm
October 27, 2013
Online
WAG = Wild A**ed Guess
It is a common expression on the net.
5:18 pm
November 8, 2018
Offline
I do not expect Oaken stay close to the top of HISA chart for long. Sadly.
7:58 pm
December 12, 2009
Offline
AltaRed said
Graciously stolen from another forum https://opmwire.com/stephen-smith-first-national/
Based on how Stephen operates, he obviously has a plan for HCG that might include a larger mortgage underwriting business, but less in deposit taking and holding of actual mortgages.... or more (or less) CMHC insured mortgages, or a source for more private equity ventures.
Ah, yes, note Stephen Smith is the largest shareholder in First National Financial. Besides First National, though, he also co-owns Canada Guaranty Mortgage Insurance Corporation (third-largest mortgage insurer after CMHC and Sagen MI Canada), co-owns Fairstone Bank of Canada with a pension plan, is the largest shareholder in EQB Inc., and also held an interest in HCG.
Looks like I should've bought HCG instead of EQB, though EQB shares did pop somewhat today.
Cheers,
Doug
8:02 pm
December 12, 2009
Offline
Dean said
Fingers crossed, your WAG is Wrong.
I'm guessing (& hoping) one of the reasons Smith bought Home was to gain access to an up-&-running retail operation (Oaken), as a 'Diversification'.
I'm going with that ⬆
Any Bets ❓
Dean
It's possible he might prep it for a merger, or partial merger with, Fairstone Bank of Canada. (He co-owns Fairstone Bank of Canada and it's concentrated in consumer loans and lines of credit and is only dipping its toes in deposits so far. A merger of the two could make a lot of sense, and provide Oaken Financial/Home Capital with access to more than 225 brick-and-mortar Fairstone Financial retail locations, which could operate like a deposit/mortgage broker model.)
Cheers,
Doug
9:22 am
March 18, 2021
Offline
Dean said
Google Is Your Friend ➡ https://www.google.ca/
A much Bigger question is; 'Will Smith Financial make Oaken a better place
for us GIC investors❓'Lets hope so ... time will tell.
Dean
For the first few months so they don't lose all their depositors then it will be just like when ING Direct turned into Tangerine. All the interest rates will fall.
4:14 pm
March 18, 2021
Offline
Dean said
Google Is Your Friend ➡ https://www.google.ca/
A much Bigger question is; 'Will Smith Financial make Oaken a better place
for us GIC investors❓'Lets hope so ... time will tell.
Dean
For the first few months so they don't lose all their depositors then it will be just like when ING Direct turned into Tangerine. All the interest rates will fall.
Briguy said
Under the terms of the Arrangement Agreement, subject to shareholder and other customary approvals, the Purchaser will acquire the issued and outstanding common shares of Home Capital that SFC does not already own for $44.00 in cash per share (the “Purchase Price”), subject to increase as described below (the “Transaction”).
Who could ever have seen this one coming? Like a million to one shot but they sometimes come in. Instead of waiting for the slaughter like vulture funds do he jumps in too early. I was short Home Capital this year but covered before the fact. The guy will give back a lot of money on this one but he's got a lot of money to lose. I still can't believe it, I always research every variable when holding short sales and the odds were more than one in a million a bid for this company would ever happen before the middle of next year. I guess the guy has faith in Trudeau to 2025 and he figures on some sort of a bailout coming his way when it all goes awry next year for him. He'll inherit all the deadbeat mortgages.
4:27 pm
March 18, 2021
Offline
dentgal said
Got the email from Home Trust.I hope that it’s still safe.
If you have trouble viewing this email, read the online version.
Home Capital enters into definitive arrangement to be acquired by Smith Financial Corporation for $44.00 per share
Dear XXXXXX
We are reaching out today to share some exciting news about Home Capital, the parent company of Oaken Financial. Home Capital has reached an agreement to be acquired by Smith Financial, a company backed by one of Canada’s leading investors in the financial services industry.
The most important thing to know is that it is business as usual for you and all our Oaken customers. This news will have no impact on the quality products and services you have with Oaken, or how you do business with us. Our parent company, Home Capital, is thrilled about the prospect of partnering with Smith Financial, a company known for providing innovative financial products and services that meet the needs of a diverse range of Canadians. It marks an exciting milestone in the evolution of our company and acknowledges the value that we offer those that work with us. The acquisition of Home Capital by Smith Financial is expected to be completed in the next 6 – 12 months.
At Oaken, we will remain focused on providing you with market-leading solutions to meet your needs and the exceptional service you have come to expect from us.
We look forward to continuing to serve you and we thank you for your trust and confidence in us.
If you have additional questions about the acquisition of Home Capital by Smith Financial, please contact us at service@oaken.com.
Yours sincerely,
The Oaken Financial team
145 King Street West, Suite 2500, Toronto, Ontario M5H 1J8 | hometrust.ca
This email was sent to [removed]. To ensure that you continue receiving our emails, please add us to your address book or safe list.To unsubscribe from all emails or to manage your preferences click here.
Legal | Privacy
I live in Ontario and got no emails from them. Oaken likes to open new savings accounts but never tells you then if you're lucky they email you just before 2 years are up telling you the account is going to be dormant for 2 years but they keep on opening up saving accounts out of the blue. It's happened to me several times and I keep asking them why they open accounts unbeknownst to me and they can never come up with an answer. Now that the company is taken over the new company may charge you to close existing accounts that should never have been created in the first place.
5:16 pm
October 27, 2013
Online
That is a new one on me. An FI opening accounts in your name just on their own whim? And without notification? I hardly doubt it. Please explain.
FIs have been caught signing up customers to services they did not order, like overdraft or similar, e.g. the Wells Fargo disaster in the US, but opening accounts??
4:02 am
December 12, 2015
Offline
Some background on the new owner
https://financialpost.com/news/economy/billionaire-stephen-smith-mortgage-business
Please write your comments in the forum.