First Bancshares Inc. and Sunshine Financial Inc. expect their pending deal to take effect April 1.
First Bancshares' proposed acquisition of Sunshine Financial has received all regulatory approvals. Deal completion remains subject to approval by Sunshine Financial stockholders at their special meeting March 27.
In a Form 8-K, Sunshine Financial also disclosed that one of its shareholders, Stephen Bushansky, on Feb. 9 filed a suit in the Circuit Court of the Second Judicial Circuit in and for Leon County, Fla., against the Tallahassee, Fla.-based company, its directors and First Bancshares. The suit claimed that Sunshine Financial's directors breached their fiduciary duties by agreeing to sell the company at an "inadequate price after an inadequate sales process, and by failing to disclose all material information concerning the proposed transaction."
On March 16, the defendants agreed with the plaintiff, among other things, that the defendants would make certain additional disclosures concerning the proposed transaction and that Bushansky would dismiss his complaint with prejudice.
The agreement states that the resolution of the civil action is not an admission by the defendants that any of the allegations have merit, according to the filing.
