NEW YORK--(BUSINESS WIRE)--Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Colonial Financial Services, Inc. (“Colonial Bank” or the “Company”) (Nasdaq:COBK) for potential breaches of fiduciary duties in connection with the sale of the Company to Cape Bancorp, Inc. (“Cape”) for approximately $55 million, based on Cape’s September 9, 2014 closing stock price of $10.06. The Company’s stockholders will elect to receive either $14.50 per share in cash, or 1.412 shares of Capes’ common stock, with 50% of the shares being exchanged for stock and 50% for cash. Colonial Bank has traded as high as $15.00 over the past year, representing a 50 cent premium over the expected deal price.
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The investigation focuses on whether Colonial Bank’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Colonial Bank’s shareholders.
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If you own common stock in Colonial Bank and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/COBK or contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.
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