Briscoe Law Firm Investigates State Bancorp, Inc. For Shareholders Concerning Acquisition By Valley National Bancorp
Briscoe Law Firm, PLLC, founded by a former state prosecutor and
enforcement attorney for the United States Securities and Exchange
Commission, and the securities litigation law firm of
The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of State Bancorp, Inc. (“State Bancorp” or “STBC”) (NASDAQ: STBC) related to the buyout of State Bancorp by Valley National Bancorp. The definitive merger agreement, which was announced on April 28, 2011, involves an all-cash transaction valued at approximately $222 million. The transaction is expected to close in the fourth quarter of 2011. The firms are investigating the fairness of the proposed transaction to State Bancorp shareholders and whether State Bancorp’s Board of Directors acted in the shareholders’ best interests. Specifically, and among other things, the firms are investigating whether State Bancorp’s Board of Directors adequately considered all viable alternatives before entering into the agreement. If you currently own shares of State Bancorp/STBC and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you. The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
In an exclusive interview with TheStreet, State Bancorp president and CEO Thomas O'Brien discusses the bank's merger with Valley National Bancorp, regulatory challenges and the market conditions for banks on Long Island.
Shares of State Bancorp (Nasdaq:STBC) have taken a tremendous swing upward. The stock is trading at $13.19 as of 3:57 p.m. ET, 20.4% above Thursday's closing price of $10.96. Volume is at 529,291, 19.2 times the daily average of 27,600.