Law Firm Looks into Sale of PVF Capital to F.N.B.
NEW YORK -- The sale of PVF Capital Corp. of Solon, Ohio, to F.N.B. Corp. of Hermitage, Pa., announced Tuesday (READ STORY), is being scrutinized by the law firm of Levi & Korinsky, which is looking into whether the PVF board’s breached its fiduciary duty and other violations of Ohio law.
Under the terms the union, PVF Capital shareholders are to receive 0.3405 share of F.N.B. common stock for each share of PVF they own, a value of $3.98 per share, or $106.4 million in the aggregate.
The investigation that Levi & Korinsky said it intends to undertake concerns whether the PVF board of directors breached their fiduciary duties to stockholders by not adequately shopping the company before entering into the transaction and whether F.N.B. is paying too little for the bank, thus harming PVF stockholders. One analyst set a price target for PVF stock of $15.77 per share, according to the law firm.
The acquisition includes 16 banking offices in Greater Cleveland and, according to the press release issued by F.N.B. Corp., would put that company in the top 15 in Cleveland based on deposits in the Cleveland metropolitan statistical area.
Levi & Korsinsky says it has "extensive expertise in prosecuting securities litigation that involves financial fraud and has represented investors throughout the United States in securities matters and shareholder lawsuits."
Published by The Business Journal, Youngstown, Ohio.
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