Revere Bank

Practice Area: 
Stock Symbol: 
REVB
Case Status: 
Investigations

Ademi & O’Reilly, LLP is investigating Revere Bank (OTCQX: REVB) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of Revere to Sandy Spring.

Ademi & O’Reilly, LLP alleges Revere’s financial outlook is improving and yet shareholders will receive only receive 1.05 shares of Sandy Spring common stock for each share of Revere common stock, with Sandy Spring shareholders owning approximately 74% of the combined company and Revere shareholders owning approximately 26% of the combined company.  Sandy Spring is acquiring Revere at a substantial discount.  The merger agreement unreasonably limits competing bids for Revere by prohibiting solicitation of further bids, and imposing a termination penalty if Revere accepts a superior bid. Revere insiders will receive millions of dollars as part of change of control arrangements. We are investigating on the conduct of Revere’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Revere.