Insurgents Plead To Sway Ex-CUStockholders
CRANFORD, N.J. - (03/13/06) Dissident shareholders PLCapital pleaded with other owners of converted credit union SynergyFinancial Friday to discard their support for management and turnout two long-time directors who helped convert the credit union tosavings bank. In a proxy solicitation filed with the Securities andExchange Commission, PL Capital said Synergys returns havebeen less than half that of the average thrift, while managementand directors have paid themselves more than $14 million incompensation over the past three years120% times the $12million in net income for the credit union-convert during thatperiod. During this period, each and every incumbentdirector has received compensation and benefits with over $500,000of current value. We hope you find that level of compensation &benefits vs. net income to be as disturbing as we do, saidPL Capital. PL Capital, which has waged as many as a dozen otherproxy contests at small banks and thrifts, is seeking to elect itsrepresentatives to two of the three board seats being contestednext month. They are running against three long-time directors whoengineered the credit union conversion, CEO John Fiore, Nancy Davisand Phil Scott.