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Law Office of Brodsky & Smith, LLC Announces Investigation of Smithtown Bancorp, Inc.

^{Published on 2010-07-21 09:40:44 - Market Wire}
 

BALA CYNWYD, Pa.--([ BUSINESS WIRE ])--Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Smithtown Bancorp, Inc., (aSmithtowna or the aCompanya) (Nasdaq:SMTB) relating to the proposed acquisition by Peoplea™s United Financial, Inc. (aPeoplea™s Uniteda).

Under the terms of the offer, Smithtown shareholders would receive cash of $2.00 and 0.1430 Peoplea™s United stock for each share of Smithtown stock they own. The transaction values Smithtown stock at approximately $4.00 per share. The investigation concerns possible breaches of fiduciary duty and other violations of state law. The transaction appears to be unfair, in part, given that Smithtown stock was trading at $4.01 a share as recently as July 12, 2010 and was trading at $5.51 a share on April 26, 2010.

If you own shares of Smithtown and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at [ investorrelations@brodsky-smith.com ], or by calling toll free 877-LEGAL-90.