The largest shareholder of Monterey Bay Bancorp in Watsonville, Calif., plans to support an alternative slate of directors at the annual meeting in June.
Josiah T. Austin, who owns 9.67% of the shares, said in a recent Securities and Exchange Commission filing that he will vote for four new directors who together own less than 1% of its stock. All four formerly worked for Chase Manhattan Corp and Deutsche Bank AG. All live in New York City.
Mr. Austin said he was dissatisfied with the performance of the $454.8 million-asset company, which runs eight branches. "Over the past year, the decisions of the board have operated to the detriment of the shareholders," he wrote in the SEC filing.
Thomas G. Kahn, president of the investment advisory firm Kahn Brothers & Co., voiced similar dissatisfaction. Mr. Kahn, whose firm owns 8.56% of the thrift's shares, said in a telephone interview that he would vote for the new slate if his clients asked him to do so.
The shareholder meeting is scheduled for June 11.