Law Office of Brodsky & Smith, LLC Announces Investigation of Herald National Bank

Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Herald National Bank (“Herald” or the “Company”) (NYSE AMEX: HNB) relating to the proposed acquisition by BankUnited, Inc. (“BankUnited”).

Under the terms of the transaction, Herald shareholders would receive a value equal to $1.35 in cash and 0.0990 shares of BankUnited stock for each share of Herald common and preferred stock they own. The transaction values Herald stock at approximately $4.13 per share. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Herald by not acting in Herald shareholders' best interests in connection with the sale process to BankUnited. The transaction may undervalue Herald based on the book value of Herald. In addition, Herald stock has recently traded at $5.20 a share and Herald’s chairman and CEO will remain on as CEO.

If you own shares of Herald stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at investorrelations@brodsky-smith.com, visiting http://brodsky-smith.com/295-hnb-herald-national-bank.html, or by calling toll free 877-LEGAL-90.

Herald National Bank Common Stock (AMEX:HNB)
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