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Glancy Binkow & Goldberg LLP Announces Investigation of Beach Business Bank

^{Published on 2011-08-31 10:36:49 - Market Wire}
 

LOS ANGELES--([ BUSINESS WIRE ])--Glancy Binkow & Goldberg LLP announces that it is investigating potential claims against the Board of Directors of Beach Business Bank. (aBeach Business Banka or the aCompanya) (OTCBB: BBBC) related to the proposed merger into a wholly owned subsidiary of First PacTrust. The transaction is valued at approximately $37.4 million or $9.07 per diluted share. Under the proposed transaction, shareholders may elect to receive either $4.61 per share in cash plus an aggregate of 1.362 million First PacTrust common shares or $9.12 per share in cash plus warrants exercisable for an aggregate of approximately 1.362 million First PacTrust common shares at an exercise price of $14.00.

The investigation concerns whether the Board of Directors of Beach Business Bank breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the proposed transaction, and whether the Company has disclosed all material information to shareholders about the transaction. The Company has seen substantial recent growth. Ita™s share price has grown from $4.65 on December 30, 2010 to $6.95 on February 17, 2011.

If you are a shareholder of Beach Business Bank, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Louis Boyarsky, Esquire, Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, CA 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by email to [ shareholders@glancylaw.com ].