In Brief: Activist Shareholder Presses Yonkers Thrift

Yonkers Financial Corp. is the latest banking company to come under fire from activist shareholder Lawrence B. Seidman.

In a document filed last week with the Securities and Exchange Commission, Mr. Seidman said he and his associates have bought 5.21% of the thrift holding company's outstanding shares. Yonkers Financial, with $378 million of assets, operates five branches north of New York City.

Mr. Seidman said in the filing that he will push the company to "maximize shareholder value," including reviewing whether it should be sold to a larger institution.

He has used a similar strategy with other community banking companies. Last year he pressed three in New Jersey, including Wayne Bancorp, to find buyers.

More recently he dropped his bid to join the board of Eagle BancGroup in Bloomington, Ill., after the $180 million-asset company hired an investment banker to explore its options.

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