Commercial Federal Corp. has agreed to give two board seats to Franklin Mutual Advisors of Short Hills, N.J.
Franklin Mutual has been pressing the $12.8 billion-asset thrift company to sell. Commercial Federal sued the investment company on Oct. 13 to try to block its slate of candidates for four board openings. Franklin countersued.
The compromise reached late Friday calls for Commercial Federal and Franklin each to nominate two candidates for director at the thrift's Nov. 16 annual meeting.
William A. Fitzgerald, Omaha-based Commercial Federal's chairman and CEO, said it is "happy to resolve this matter and move forward with a board that is dedicated to the best interests of all of our shareholders."
-- Louis Whiteman