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The Law Office of Abe Shainberg Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of The Wilb

^{Published on 2010-10-27 12:06:51 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--The Law Office of Abe Shainberg is investigating the Board of Directors of The Wilber Corporation (AMEX: GIW) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Community Bank System, Inc. (aCommunity Bank Systema) (NYSE: CBU). Under the terms of the transaction, Wilber Corporation shareholders will receive $9.50 in Community Bank System stock and cash for each share of Wilber Corporation common stock for a total transaction value of approximately $101.8 million. As of June 30, 2010, Wilber Corporation, parent company of Wilber National Bank, had total assets of $929 million, net loans of $553 million, and deposits of $778 million. The transaction is expected to be accretive to CBU earnings per share in 2011, exclusive of one-time acquisition related charges.

The investigation concerns whether the Wilber Corporation Board of Directors breached their fiduciary duties to Wilber Corporation stockholders by failing to adequately shop the Company before entering into this transaction and whether Community Bank System is underpaying for Wilber Corporation shares.

If you own common stock in Wilber Corporation and wish to obtain additional information, please contact Abe Shainberg, Esq. directly, via email at [ as@ashainberglaw.com ], by telephone at 212.425.7268, or visit [ http://www.ashainberglaw.com/wilber-giw.html ].

Mr. Shainberg has expertise in prosecuting investor securities litigation, is a certified and registered arbitrator and mediator involving financial matters, and represents investors in various matters nationwide.