Investigation announced for Investors in First Choice Bancorp (NASDAQ: FCBP) over Takeover

An investigation was announced concerning whether the takeover of First Choice Bancorp is unfair to NASDAQ: FCBP stockholders.

Investors who purchased shares of First Choice Bancorp (NASDAQ: FCBP) and currently hold any of those NASDAQ: FCBP shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain officers and directors of First Choice Bancorp breached their fiduciary duties owed to NASDAQ: FCBP investors in connection with the proposed acquisition.

Cerritos, CA based First Choice Bancorp operates as the bank holding company for First Choice Bank that provides a range of retail and commercial banking products and services to individuals, families, and small and medium-sized businesses.

On April 26, 2021, Enterprise Financial Services Corp (Nasdaq: EFSC), the holding company of Enterprise Bank & Trust, and First Choice Bancorp (Nasdaq: FCBP), the holding company of First Choice Bank, announced that Enterprise Financial Services Corp, Enterprise Bank & Trust, First Choice Bancorp and First Choice Bank have entered into a merger agreement pursuant to which Enterprise Financial Services Corp will acquire, in an all-stock merger, FCBP. Under the terms of the merger agreement, FCBP will merge with and into Enterprise Financial Services Corp, and First Choice will subsequently merge with and into EB&T (with Enterprise and EB&T as the surviving entities) in a transaction valued at approximately $397.7 million, or $33.40 per FCBP share, based on the closing price of Enterprise Financial Services Corp’s common stock on April 23, 2021. On a pro forma consolidated basis, the combined company would have approximately $12.7 billion in consolidated total assets as of March 31, 2021.

However, given that FCBP’s directors have already entered into agreements with the Company pursuant to which they have committed to vote their shares, which represent approximately 16% of FCBP’s issued and outstanding common stock, in favor of the acquisition, the investigation concerns whether the offer is unfair to NASDAQ: FCBP stockholders. More specifically, the investigation concerns whether the First Choice Bancorp Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

First Choice Bancorp reported that its annual Total Revenue rose from $84.2 million in 2019 to $92.5 million in 2020, and that its Net Income increased from $27.84 million in 2019 to $28.95 million in 2020.

Those who are current investors in First Choice Bancorp (NASDAQ: FCBP) shares have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.