Affinity Bancshares faces two lawsuits and seven demands over proxy statement for APCU asset sale

Affinity Bancshares, Inc.

Two shareholder suits filed Oct 11, 2024 in NY Supreme Court; seven demand letters received Oct 7-16.
Suits allege false/misleading proxy statement in violation of Section 14(a) and state common law.
Company denies wrongdoing but supplements proxy with minimum/maximum multiples on financial advisor analyses.
Supplement adds min/max to Transaction Value/TBV, LTM Earnings, and Core Deposit Premium tables for regional and national transactions.
Transaction to acquire substantially all assets and assume all liabilities of Affinity Bank by APCU.

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