Officials of the California hedge fund Genesis Financial Partners lost their bid for election to the board of a Massachusetts thrift which they say isn't bringing value to shareholders.
According to preliminary results, approximately 40% of voted shares supported Stephen H. Gordon and Brandt W. Johnson, top officials of Genesis' general partner, Gen Fin Inc., for election to the board of Lawrence Savings Bank.
Management's nominees, Byron Cleveland and Robert Hatem, received 57% of the vote. Three other management nominees were elected without opposition, including president and chief executive Paul A. Miller.
Lawrence has 4.2 million outstanding shares. Genesis holds a 6.2% stake.
"I don't think it shows enormous dissent," Mr. Miller said. "The fact is that the management slate was elected. (Mr. Gordon) didn't win, based on the preliminary figures."
Although they lost the actual vote, Genesis officials claimed in a statement that "shareholders are clearly calling for change."