Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of San Diego Trust Bank (“San Diego Trust” or the “Company”) (OTC: SDBK) relating to the proposed acquisition by Pacific Premier Bancorp, Inc. (“PPBI”).
Under the terms of the transaction, San Diego Trust shareholders will receive only $13.41 in cash or 1.114 shares of PPBI common stock, or a combination of the cash and PPBI common stock, for each share of San Diego Trust stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of San Diego Trust for not acting in the Company’s shareholders' best interests in connection with the sale process. The transaction may undervalue the Company and will result in a loss or no significant gain for many long term San Diego Trust shareholders. For example San Diego Trust stock traded at $14.50 as recently as March 5, 2012 and $21.84 on June 8, 2011.
If you own shares of San Diego Trust stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at
http://brodsky-smith.com/558-sdbk-san-diego-trust-bank.html, by calling toll free 877-LEGAL-90.