Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of First Chester County Corp.
NEW YORK, Dec. 30, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating potential claims against the Board of Directors of First Chester County Corp. ("First Chester" or the "Company") (Nasdaq:FCEC) in connection with the proposed sale of the Company to Tower Bancorp Inc. ("Tower") (Nasdaq:TOBC). Under the terms of the transaction, First Chester shareholders are to receive 0.453 shares of Tower common stock for each First Chester share they own. Based on the closing price of Tower shares on December 24, 2009, the transaction values First Chester shares at $10.22 per share for a total transaction value of approximately $65 million. The exchange ratio is subject to upward or downward adjustment based on changes in loan delinquencies at First Chester.Filed by admin at December 30th, 2009 under News