The edge connectors have "mounds" of solder on them. They didn't get like that themselves--someone put that solder there. Likely in an attempt to "improve" the connection between the PCB edge and the connector that plugs onto it. This is a short-sighted solution. The "proper" fix is the replace the pins and/or housing; not to modify the PCB edge at all. The PCB edge should remain flat, level, and fully coated.
It's pretty easy to fix solder mounds like that. Just heat them up with the iron biefly, then wipe it away with a rag. That usually leaves a nice level solder-coated strip.
Then look at the connector that plug here... you may find some badly deformed pins.
Regarding the IC... it has corroded legs. It very well may work just fine. However, the corrosion is making a bit of a mess on the PCB. I'd replece it and try cleaning up the mess, even if it is just a cosmetic thing.