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.

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