We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Farmers Bankshares, Inc. (“Farmers” or the “Company”) (OTCPK: FBVA), in connection with the proposed merger of the Company with TowneBank (“TowneBank”) (NASDAQ: TOWN). Under the terms of the merger agreement, the Company’s shareholders will receive 0.6050 shares of TowneBank common stock for each Farmers share owned, representing implied per-share merger consideration of approximately $18.75 based upon TowneBank’s August 17, 2022 closing price of $30.99.
Weiss Law is investigating whether (i) Farmers’ board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the per-share merger consideration adequately compensates Farmers’ shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.