NEW YORK, May 2, 2017 /PRNewswire/ -- 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.
("FNLC"). Under the terms of the agreement, ASBB shareholders
will receive 1.44 shares of FNLC 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 FNLC, which hopes to solidify its position as one
of the top community banks in the fast-growing North Carolina region, a point highlighted by
FNLC CEO Richard Moore when he
stated he expected the acquisition of ASBB to "increas[e FNLC'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
stockinfo@weisslawllp.com.
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 stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/asb-bancorp-inc/
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SOURCE WeissLaw LLP