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Letter: Read merger document and join suit

Letter: Read merger document and join suit

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I have written before concerning the matter of the Bank of Fincastle merger urging the shareholders to vote against this merger.

Several years ago there was a capital campaign in which the decision was made to do a "private placement" instead of offering the stock to the entire shareholder base.

I feel this was totally inappropriate to shut out current shareholders, some whose stock had been handed down from the time the bank was opened in 1875.

As a former banker for more than 50 years who has seen many mergers I feel this was done with the sole purpose of setting the bank up for a takeover even though the CEO and directors were adamant that the bank would remain an independent hometown bank.

Most of the stock was sold to institutional investors which allowed expansion of the board to include representatives from those firms.

There is currently a class-action suit filed on April 22, 2021 (Hufford v. The Bank of Fincastle et al., 1:21-cv-03594). I would encourage you to go to page 79 in the proposed merger document and join in this suit.

Gill Roseberry, Salem

 

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