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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Steuben Trust Corporation (“Steuben Trust” or the “Company”) (OTC Pink: SBHO) to Community Bank System, Inc. (“Community Bank System”) (NYSE: CBU). Under the terms of the deal, shareholders of Steuben Trust will receive, for each share of common stock they own, a combination of $12.60 cash and 0.8054 shares of Community Bank System common stock.
The Steuben Trust merger investigation concerns whether the Board of Steuben Trust breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Community Bank System is underpaying for Steuben Trust, thus unlawfully harming Steuben Trust shareholders.
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