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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Shore Community Bank (“Shore Community” or the “Company”) (OTC PINK: SHRC) to 1ST Constitution Bancorp (“1ST Constitution”) (NASDAQGM: FCCY). Under the terms of the deal, Shore Community shareholders will receive 0.8786 of a share of 1ST Constitution common stock, $16.50 in cash, or a combination of 1ST Constitution common stock and cash, subject to adjustment as set forth in the merger agreement, for each share of Shore common stock that they own.
The Shore Community merger investigation concerns whether the Board of Shore Community breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether 1ST Constitution is underpaying for Shore Community shares, thus unlawfully harming Shore Community shareholders.
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