Ademi LLP is investigating FISB (OTCQX: FISB) for possible breaches of fiduciary duty and other violations of law in its transaction with West Coast Community Bancorp.
In the transaction, FISB shareholders will receive West Coast Community shares valued at approximately $10.78 per FISB share, based on the closing price of $29.94 for West Coast Community Bancorp shares on May 20, 2024 in an all-stock transaction valued at approximately $63 million. The transaction agreement unreasonably limits competing transactions for FISB by imposing a significant penalty if FISB accepts a competing bid. FISB insiders will receive substantial benefits as part of change of control arrangements.
We are investigating the conduct of FISB’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.