Valley Community Bank (fka VCBC)

[56Chevy]

Valley Community Shareholder Urges NO Vote on Sale to FNB

Date : 10/03/2014 @ 1:52PM
Source : PR Newswire (US)
Stock : Valley Community Bank (pleasanton, Ca) (QB) (VCBC)
Quote : $2.75 0.0 (0.00%) @ 11:01AM

CHICAGO, Oct. 3, 2014 /PRNewswire/ -- The largest shareholder of Valley Community Bank (Symbol: VCBC) voiced his opposition to the bank's Board of Directors decision to sell the bank to FNB Corp. Stephen Taylor, Chairman of Taylor Asset Management, Inc., a Chicago-based firm whose fund has investments in other California-based community banks, believes the bank is dramatically undervalued.

"Selling at roughly half of book value coupled with giving over $500,000 in cash payments to its current officers and insiders is grossly unfair to their shareholders," said Taylor. "This board may have put their own interests ahead of shareholders. I even commissioned a third party analysis that concurs that the value should be much higher."

"We must vote down this deal and replace the board if necessary," said Taylor. "And if we choose to sell, we should conduct an appropriate process focused on maximizing shareholder value."

Shareholders may contact Mr. Taylor at 310-275-7947 or via email at [e-mail].

http://ih.advfn.com/p.php?pid=nmona&article=63919938

*The choices are clear now. Taylor's offer: $4.12 @ share