ANN ARBOR, Mich.Great Lakes Bancorp said preliminary results of a shareholder vote indicate that a dissident shareholder proposal has lost.
The proxy proposal by Peter T. Kross, a stockbroker with Kemper Securities in Detroit sought to establish a committee of directors to explore selling the Ann Arbor-based savings bank.
Mr. Kross also nominated two directors, at least one of whom is likely to win a seat, the company said.
"A majority of our shareowners realized the threat this proposal presented to the longterm value of their investment in Great Lakes," said Robert J. Delonis, president and chief executive officer of the $2.8 billion-asset thrift company.
Shareholders Want Results
"Although Mr. Kross' proposal was defeated, it's clear that shareowners need to begin seeing the results of steps we've taken during the past two years to manage a changing regulatory and competitive environment in the face of a severely depressed commercial real estate market," Mr. Delonis added.
Mr. Kross claimed victory for both his director candidates: Richard J. Nelson and Wallace D. Riley.
Under the cumulative voting procedure, each needed 14% of total voted shares.
He characterized his defeat on the proxy question as narrow.
"Even though over 23% of the common shares are owned by officers, directors, and employee benefit plans, the preliminary results seem to indicate that a majority of shares voted by holders not affiliated with me or the bank voted in favor of the proposal," he said.