WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of ASB Bancorp, Inc. (“ASBB” or the “Company”) in connection with the proposed acquisition of the Company by First National Bancorp, Inc. (“FBNC”). Under the terms of the agreement, ASBB shareholders will receive 1.44 shares of FBNC or $41.90 in cash, or a combination thereof, for each share they own.
WeissLaw is investigating whether ASBB’s Board acted to maximize shareholder value prior to entering into the agreement. Notably, the Company recently announced positive financial results. It reported a remarkable 63.6% increase in net income in the first quarter of 2017, and a record 118.4% increase in earnings. ASBB also reported significant growth in net interest income, loan balances, total deposits, and book value per common share.
The acquisition is a strategic and financially attractive transaction for FBNC, which hopes to solidify its position as one of the top community banks in the fast-growing North Carolina region, a point highlighted by FBNC CEO Richard Moore when he stated he expected the acquisition of ASBB to “increas[e FBNC’s] footprint in the attractive Asheville market.”
Given these facts, WeissLaw is investigating the Board of Directors’ decision to sell ASBB and whether ASBB shareholders will obtain their fair and proportionate share of the Company’s continued success and future growth prospects. If you own ASBB shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/asb-bancorp-inc/