The Law Office of Abe Shainberg Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of The Wi...
October 27 2010 - 2:00PM
Business Wire
The Law Office of Abe Shainberg is investigating the Board of
Directors of The Wilber Corporation (AMEX: GIW) for possible
breaches of fiduciary duty and other violations of state law in
connection with their attempt to sell the Company to Community Bank
System, Inc. (“Community Bank System”) (NYSE: CBU). Under the terms
of the transaction, Wilber Corporation shareholders will receive
$9.50 in Community Bank System stock and cash for each share of
Wilber Corporation common stock for a total transaction value of
approximately $101.8 million. As of June 30, 2010, Wilber
Corporation, parent company of Wilber National Bank, had total
assets of $929 million, net loans of $553 million, and deposits of
$778 million. The transaction is expected to be accretive to CBU
earnings per share in 2011, exclusive of one-time acquisition
related charges.
The investigation concerns whether the Wilber Corporation Board
of Directors breached their fiduciary duties to Wilber Corporation
stockholders by failing to adequately shop the Company before
entering into this transaction and whether Community Bank System is
underpaying for Wilber Corporation shares.
If you own common stock in Wilber Corporation and wish to obtain
additional information, please contact Abe Shainberg, Esq.
directly, via email at as@ashainberglaw.com, by telephone at
212.425.7268, or visit
http://www.ashainberglaw.com/wilber-giw.html.
Mr. Shainberg has expertise in prosecuting investor securities
litigation, is a certified and registered arbitrator and mediator
involving financial matters, and represents investors in various
matters nationwide.
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