Time appears to be running out for People’s Bancshares.

Angry shareholders — who nearly took control of the New Bedford, Mass., company in June — are calling for the immediate resignations of its two top executives and have vowed to wage another proxy battle if People’s fails to find a merger partner before next year’s annual meeting. And given the string of troubles that has beset People’s in recent months, the dissidents are likely to succeed. Indeed, there are hints that management is preparing to sell the $1.1 billion-asset bank. Last month People’s brought in as chief financial officer James K. Hunt, a veteran New England banker who negotiated the sale of the last three banks that hired him.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.