Vist Sale Price Too Low, Investor Suit Claims

Law360, New York (May 11, 2012, 4:03 PM EDT) -- Shareholders in Pennsylvania bank holding company Vist Financial Corp. launched a derivative suit against Vist and its board of directors Wednesday, alleging that the company's executives undervalued the company in its January sale to a New York bank.

The plaintiffs said that Vist's board of directors looked the other way while several senior officers, including Vist President and CEO Robert Davis, secured a deal in which they received special payments and were allowed to remain in their executive positions at Vist.

As a result, Vist's executives...
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