Financial Institutions in Warsaw, N.Y., is facing a proxy battle from an activist investor intent on taking two board seats.
Clover Partners disclosed in a
Guerry is a managing partner at Clover, and Philen is chief financial officer for Customs Extrusions Holdings, a Texas company involved in the rolling, drawing and production of aluminum ingot.
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Peter Humphrey, who stepped down as Financial Institutions CEO in 2012, said he supports a push by activist investor Clover Partners to force the company to find a buyer. Humphrey left the companys board in 2014.
January 14 -
The $3.4 billion-asset holding company for Five Star Bank received a letter on Wednesday from Clover Partners' managing director, Johnny Guerry, saying management has made the wrong decision on two recent deals. Clover owns about 5.2% of Financial Institutions.
December 17 -
Financial Institutions in Warsaw, N.Y., has agreed to buy Courier Capital, an investment advisory firm in Buffalo, N.Y.
November 30
Financial Institutions
The calls for a sale
Financial Institutions, in a
"Financial Institutions welcomes constructive feedback from its shareholders," the statement said. "The board and management team are confident that they are pursuing the right strategy to enhance value for all shareholders."