Independence Federal Savings Bank in Washington has postponed a shareholder vote to fill three board seats after the Office of Thrift Supervision raised concerns about "misleading" information being distributed by shareholder and community groups.
The struggling black-owned thrift was to hold the vote at its annual meeting in downtown Washington on Wednesday but rescheduled it for June 8. The move came in response to a May 10 letter to chief executive officer Thomas L. Batties from John E. Ryan, the director of the OTS' Southeast regional office, asking that the vote be delayed so that shareholders could receive "clarifying information."
Five candidates are vying for the three board seats. Independence's management has nominated a slate of three candidates, while dissident shareholder Morton A. Bender has nominated two of his allies. Mr. Bender is the thrift's largest shareholder.
