An activist shareholder who this year won two seats on the board of New York's Ambanc Holding Co. now plans to seek even more control.
Investor Seymour Holtzman said in a filing with the Securities and Exchange Commission last week that he intends to nominate five candidates for the Amsterdam, N.Y.-based company's board. Five of $714 million-asset Ambanc's 15 directors will be up for reelection at the company's annual meeting next spring.
It is the latest of a long string of clashes between Mr. Holtzman and the management of Ambanc, which is the parent of Mohawk Community Bank. Last summer, he threatened to rally shareholders against the company's deal to acquire a local rival, demanding the thrift seek a buyer instead. He finally agreed to back the deal in return for the thrift's promise that it would either sell itself this year or give him two seats on the board.
Mr. Holtzman, who controls about 6% of the company's shares, and an associate were named to the board in April.
Neither Mr. Holtzman nor thrift management returned calls seeking comment.
-- Louis Whiteman