It's Merger Mania in the Banking Industry

True/False

It's merger mania in the banking industry. Shortly after Bank of Bux bid on The Abundance Bank, a story hit the local news about the investigation into the purchase of several thousand shares of stock of the Abundance Bank by three of its top executives, just prior to the announcement that Bank of Bux planned to buy Abundance Bank. Upon close examination by the SEC (Securities and Exchange Commission) it was determined that the stock purchases were an illegal maneuver on the part of these executives. This is an example of insider trading. The executives were "banking" on the stock price rising sharply when the purchase announcement was made public.