Valley Community Shareholder Urges NO Vote on Sale to FNB
October 03 2014 - 1:52PM
PR Newswire (US)
CHICAGO, Oct. 3, 2014 /PRNewswire/ -- The largest
shareholder of Valley Community Bank (Symbol: VCBC) voiced his
opposition to the bank's Board of Directors decision to sell the
bank to FNB Corp. Stephen
Taylor, Chairman of Taylor Asset Management, Inc., a
Chicago-based firm whose fund has
investments in other California-based community banks, believes the
bank is dramatically undervalued.
"Selling at roughly half of book value coupled with giving over
$500,000 in cash payments to its
current officers and insiders is grossly unfair to their
shareholders," said Taylor. "This board may have put their
own interests ahead of shareholders. I even commissioned a
third party analysis that concurs that the value should be much
higher."
"We must vote down this deal and replace the board if
necessary," said Taylor. "And if we choose to sell, we should
conduct an appropriate process focused on maximizing shareholder
value."
Shareholders may contact Mr. Taylor at 310-275-7947 or via email
at sst@financier.com.
SOURCE Stephen Taylor
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