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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Pacific Commerce Bancorp (“Pacific Commerce” or the “Company”) (OTC PINK: PCBC) to First Choice Bancorp (OTC MKTS: FCBP). Under the terms of the transaction, Pacific Commerce shareholders will receive 0.46531 shares of First Choice common stock for each share of Pacific Commerce they own, representing a value of approximately $11.54 per share.
The investigation concerns whether the Board of Pacific Commerce breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether First Choice Bancorp is underpaying for Pacific Commerce shares, thus unlawfully harming Pacific Commerce shareholders.
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