NEW YORK, March 14, 2016 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of 1st Century
Bancshares, Inc. ("FCTY" or the "Company") in connection with the
proposed acquisition of the Company by Midland Financial Co.
("Midland"). On March 10, 2016,
FCTY and Midland jointly announced the proposed acquisition of
FCTY, pursuant to which FCTY shareholders will receive $11.22 in cash for each FCTY share they own.
WeissLaw is investigating whether FCTY's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the Company has enjoyed impressive financial
results. On March 3, 2016, FCTY
reported net income of $869,000 in
the fourth quarter of 2015, representing an increase of 36%
year-over-year when compared to the $554,000 reported in the same period of the
previous year. CEO Alan I.
Rothenberg further underscored FCTY's positive financial
results when he stated "[W]e've experienced significant growth in
both loans and deposits . . . increas[ing] to approximately
$598 million, representing growth
rates of approximately 35% and 19%, respectively, during the
current year. Profitability trends also continue to improve,
including a 24% increase in net interest income during the year
compared to the prior year and an efficiency ratio of 76%."
Given these facts, WeissLaw is investigating whether FCTY's
Board acted in the best interests of FCTY's public shareholders by
actively shopping the Company to maximize shareholder value prior
to entering into the agreement with Midland. If you own FCTY
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/contact/report_fraud/.
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SOURCE WeissLaw LLP