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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of FSB Bancorp, Inc. (“FSB” or the “Company”) (NASDAQ: FSBC) to Evans Bancorp, Inc. (“Evans”) (NYSE: EVBN). Under the terms of the agreement, Evans will acquire FSB for $17.80 per share (in 50% stock and 50% cash) for total consideration of approximately $34.7 million.
The FSB merger investigation concerns whether the Board of FSB breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction and whether Evans is underpaying for FSB shares, thus unlawfully harming FSB shareholders.
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