NEW YORK - Carver Federal Savings Bank has postponed shareholder votes on three compensation plans for a second time after again failing to get enough shareholders to vote because of the vacation season.
About 70% of the votes at the Aug. 24 meeting were in favor of the three plans, but only 70% of all shares were voted. Approval requires the support of a majority of all outstanding shares.
A previous meeting on July 26 also failed to get enough shareholders to vote. A third shareholder meeting will be held Sept. 12.
Carver president and chief executive Thomas L. Clark Jr. said the votes have been running about 5 to 1 in favor.
"The votes are there. It's just a matter of having the time to get them," Mr. Clark said. "We feel it's due to vacation time. It's just a timing problem, really."
The bank's board of directors has also directed management to explore the formation of a holding company, which could buy back the bank's shares in open-market purchases without the negative tax problems of stock repurchases by the thrift itself.
The company is also looking into starting "a whole host and array" of fee-based services under a holding company, Mr. Clark said, but he declined to elaborate.