Suffolk Bancorp (NYSE:SCNB) Investor Investigation Over Possible Breaches Of Fiduciary Duties In Takeover Announced

If you purchased shares of Suffolk Bancorp (NYSE:SCNB) and currently hold any of those NYSE:SCNB shares, yo have certain options and you should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Suffolk Bancorp
Affected Securities: 

July 11, 2016 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Suffolk Bancorp (NYSE:SCNB), was announced concerning whether the takeover of Suffolk Bancorp. by People’s United Financial, Inc for $33.55 per share is unfair to NYSE:SCNB stockholders.

The investigation by a law firm concerns whether certain officers and directors of Suffolk Bancorp breached their fiduciary duties owed to NYSE:SCNB investors in connection with the proposed acquisition.

On June 27, 2016, People’s United Financial, Inc. (NASDAQ: PBCT), the holding company for People’s United Bank, N.A., announced an agreement pursuant to which People’s United Financial will acquire Suffolk Bancorp (NYSE: SCNB), of Riverhead, NY, the holding company for Suffolk County National Bank, in a 100% stock transaction valued at approximately $402 million. Under the terms of the agreement, Suffolk Bancorp shareholders will receive 2.225 shares of People’s United Financial stock for each Suffolk Bancorp share. The transaction is valued at $33.55 per Suffolk Bancorp share, based on the closing price of People’s United’s common stock on June 24, 2016.

However, the investigation concerns whether the offer is unfair to NYSE:SCNB stockholders. More specifically, the investigation concerns whether the Suffolk Bancorp Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Suffolk Bancorp (NYSE:SCNB) reported that its Net Loss of $1.75 per share in 2012 turned into a Net Income of $17.69 million in 2015.

On July 1, 2016, NYSE:SCNB shares closed at $31.31 per share.