Southern Connecticut Bancorp, Inc. (AMEX:SSE) is currently under investigation by Levi & Korsinsky. The Firm is investigation potential claims against the company’s Board of Directors relating to the proposed sale of the company to Naugatuck Valley Financial Corporation (NASDAQ:NVSL). Pursuant to the terms of the transaction, SCBI Shareholders will release $7.25 per share in cash and NVFC stock per SCBI share. The total value of the transaction was $19.5 million.
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The investigation is concerned that the company’s Board of Directors have breached their fiduciary duties to the company’s stockholders, by failing to shop the company before entering into an agreement with Naugatuck Valley Financial. It is believed that NVFC is underpaying for the company’s shares, resulting in the unlawful harm of its stock holders. The company has $28.31 million, or more than $10 per share in cash against its total debt of $1.41 million.
Southern Connecticut Bancorp, Inc. is the bank holding company of The Bank of Southern Connecticut (the Bank). The Bank focuses on serving the banking needs of small to medium-sized businesses, professionals and professional corporations, and their owners and employees in the Greater New Haven Market. On February 29, 2008, the Bank sold its branch in New London, Connecticut to the Savings Institute Bank & Trust. On August 1, 2008 the Company’s wholly owned subsidiary, SCB Capital, Inc., purchased the assets of Evergreen Financial LLC.
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