Suncrest Bank

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Ademi LLP is investigating Suncrest Bank (OTCQX: SBKK) for possible breaches of fiduciary duty and other violations of law in its transaction with Citizens.

Ademi LLP alleges Suncrest’s financial outlook is excellent and yet Suncrest shareholders will receive only $16.18 per, based on CVB’s closing stock price of $19.36 on July 26, 2021. The merger agreement unreasonably limits competing bids for Suncrest by prohibiting solicitation of further bids, and imposing a termination penalty if Suncrest accepts a superior bid. Suncrest insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Suncrest’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Suncrest.