ITHACA — Tompkins Financial Corp. (NYSE Amex: TMP) said Friday it has taken steps toward settling two lawsuits that were filed in connection with its planned acquisition of VIST Financial Corp. (NASDAQ: VIST) of Wyomissing, Pa.
The suits alleged deficiencies in disclosures related to the acquisition and argued that VIST’s board of directors breached their fiduciary duties. One also said the deal is a waste of corporate assets, according to Tompkins.
Both suits were filed in Pennsylvania on behalf of shareholders.
(Sponsored)
How Technology Management Can Expedite Your Business Growth
Many business leaders find themselves asking the same question: “How do I foster growth for my company?” The answer typically yields many paths and variables both controllable and uncontrollable. Technology
Small Business Accounting Errors and How to Avoid Them
Running a small business presents many challenges, which can draw your attention in multiple directions at once. Keeping track of your company’s finances is essential to its long-term success and
Tompkins, VIST, and the plaintiffs in the suits agreed June 18 to pursue a settlement of the claims, according to documents filed with the Securities and Exchange Commission. VIST also agreed to provide some additional disclosures related to the acquisition.
The companies have denied any wrongdoing.
Tompkins announced plans earlier this year to acquire VIST in an all-stock deal worth about $86 million.
VIST Financial has $1.4 billion in total assets, $1.2 billion in deposits, and $960 million in loans. It is parent of VIST Bank, VIST Insurance, and VIST Capital Management.
VIST Bank operates as a community bank with 21 branch offices in southeastern Pennsylvania, serving Berks, Montgomery, Philadelphia, Chester, Delaware, and Schuylkill counties.
Tompkins Financial, based in Ithaca, operates 46 offices in the Central, Western, and Hudson Valley regions of New York through three subsidiary banks: Tompkins Trust Co., The Bank of Castile, and Mahopac National Bank. The company also owns insurance and wealth-management subsidiaries and has total assets of more than $3.5 billion.
When the acquisition of VIST Financial is complete, Tompkins Financial will have $4.8 billion in assets, $3.8 billion in deposits, $2.9 billion in loans, and 67 branches.
Contact Tampone at ktampone@cnybj.com
