Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Southern Connecticut Bancorp, Inc. (“SCBI” or the “Company”) (AMEX:SSE) – the holding company for The Bank of Southern Connecticut – related to the Company’s agreement to be acquired by Naugatuck Valley Financial Corporation (“NVFC”). NVFC is the holding company for Naugatuck Valley Savings and Loan. The transaction is valued at approximately $19.5 million.
Under the terms of the definitive agreement entered into by the parties, NVFC will acquire all the outstanding common stock of SCBI for $7.25 per share in cash and stock, subject to proration. Completion of the transaction is expected to occur in the third calendar quarter of 2010. The investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the transaction by the SCBI board of directors.
If you own shares of Southern Connecticut Bancorp, Inc., if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to
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