PSB Bancorp, Inc. Intends to Appeal Recent U.S. District Court's Decision
02 Abril 2004 - 12:05PM
PR Newswire (US)
PSB Bancorp, Inc. Intends to Appeal Recent U.S. District Court's
Decision PHILADELPHIA, April 2 /PRNewswire-FirstCall/ -- Anthony
DiSandro, President and Chief Executive Officer of PSB Bancorp,
Inc. , announced today that on March 31, 2004, the U.S. District
Court for the Eastern District of Pennsylvania granted the
plaintiffs' motion for summary judgment in an action in which the
plaintiffs seek to have certain stock options, previously voided by
PSB, to be declared valid and enforceable. PSB will appeal the
court's decision. If, on appeal, the motion is upheld, the
aggregate number of shares underlying PSB's outstanding stock
options would increase from 284,742 shares to 1,177,982 shares.
This action only affects 895,240of the 1,371,200 options previously
declared void by PSB. DATASOURCE: PSB Bancorp, Inc. CONTACT:
Anthony DiSandro, President, PSB Bancorp, Inc., +1-215-979-7910 Web
site: http://www.firstpennbank.com/
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