SHAREHOLDER ALERT: Merger of First Citizens BancShares, Inc. (FCNCA) with First Citizens Bancorporation, Inc. (FCBN) May Be Detrimental to the Interests of Shareholders
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of First Citizens Bancorporation, Inc. (“First Citizens Bancorp” or the “Company”) (OTC: FCBN) for potential breaches of fiduciary duties in connection with their conduct related to the merging of the Company with and into First Citizens BancShares, Inc. Under the terms of the proposed transaction, First Citizens Bancorp’s stockholders will receive either 4.00 shares of First Citizens Bancshares Class A common stock and $50.00 cash or 3.58 shares of First Citizens Bancshares Class A common stock and 0.42 shares of First Citizens Bancshares Class B common stock for each share of First Citizens Bancorp common stock they own.
The investigation focuses on whether First Citizens Bancorp’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of First Citizens Bancorp’s shareholders.
If you own common stock in First Citizens Bancorp and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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