Irving Bank Corp.’s board rejected as “inadequate”...

Irving Bank Corp.’s board rejected as “inadequate” and “undesirable” a $1.4-billion unsolicited takeover offer from Bank of New York, a rival in the New York area. The Irving board found the $80-a-share offer too low, citing Irving’s growing income from its fee-based service businesses and what it called its undervalued assets, including its headquarters building at 1 Wall St. Bank of New York’s offer, made Sept. 25, is among the few hostile takeover offers for banks. In a defensive measure, the directors also approved distribution of common share purchase rights to all Irving shareholders on a one-for-one basis in the event of any “coercive and inadequate” takeover of the bank.