New York, NY (PressExposure) December 31, 2009 -- Levi & Korsinsky is investigating potential claims against the Board of Directors of First Chester County Corp. (âFirst Chesterâ or the âCompanyâ) (NasdaqCM: FCEC) in connection with the proposed sale of the Company to Tower Bancorp Inc. ("Tower") (NasdaqGM: TOBC). Under the terms of the transaction, First Chester shareholders are to receive 0.453 shares of Tower common stock for each First Chester share they own. Based on the closing price of Tower shares on December 24, 2009, the transaction values First Chester shares at $10.22 per share for a total transaction value of approximately $65 million. The exchange ratio is subject to upward or downward adjustment based on changes in loan delinquencies at First Chester.
The investigation concerns whether the First Chester Board of Directors breached their fiduciary duties to First Chester stockholders by failing to adequately shop the Company before entering into this transaction and whether Tower is underpaying for First Chester shares, thus unlawfully harming First Chester stockholders. First Chester shares traded as high as $11.50 per share as recently as October 6, 2009 and the Company has a book value of $12.61 per share.
If you are a current holder of First Chester and would like additional information, please contact us at the number listed below or visit [http://www.zlk.com/fcec1.html].
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
CONTACT: Levi & Korsinsky, LLP, Joseph Levi, Esq, Eduard Korsinsky, Esq, 30 Broad Street - 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Fax: (212) 363-7171, http://www.zlk.com