NEW YORK, Aug. 23, 2012 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of The Private Bank of California ("PBCA" or the "Company") (PINK: PBCA) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Beach Business Bank, a wholly owned subsidiary of First PacTrust Bancorp (Nasdaq: BANC).
Click here to learn more about the investigation: http://zlk.9nl.com/private-bank-of-california-pbca , or call: 877-363-5972. There is no cost or obligation to you.
Under the terms of the transaction, PBCA shareholders will receive approximately $13.00 per diluted share. As part of the consideration, PBCA shareholders will also receive, in aggregate, 2,083,333 shares of First PacTrust common stock, valued at approximately $12.00 per share. Certain PBCA insiders representing more than 35% of the Company's outstanding shares have agreed to approve the transaction. The investigation concerns whether the PBCA Board of Directors breached their fiduciary duties to PBCA stockholders by failing to adequately shop the Company before entering into this transaction and whether First PacTrust Bancorp is underpaying for PBCA shares, thus unlawfully harming PBCA stockholders.If you own common stock in PBCA and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/private-bank-of-california-pbca . Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq.30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171 www.zlk.com SOURCE Levi & Korsinsky, LLP