Federal Trust Corp. in Sanford, Fla., is firing back at investors it claims are pressuring it to sell.
In a letter to shareholders, the $735 million-asset company reiterated its plans to open four branches and a mortgage company in the next few years and disclosed a letter from an investment adviser who called talk of selling out now "premature."
Keefe Managers LLC of New York is applying most of the pressure, Federal said. Keefe, which holds a 9.6% stake, asked Federal in November to appoint Robert B. Goldstein, the chairman of Bay View Capital Corp. of San Francisco, to its board.
Federal has not done so. Keefe has said it may initiate a proxy contest if Federal refuses to appoint Mr. Goldstein.
In Federal's letter, which was made public Thursday, James V. Suskiewich, its chairman, said that the former one-branch mutual thrift has made "remarkable progress" since becoming a publicly traded company eight years ago. It has quadrupled its assets and added six branches, he noted.
Mr. Suskiewich accused Keefe and an investor it did not name of engaging in "wolf-pack tactics" designed to force sale. "We hope that this will not result in a costly and time-consuming proxy solicitation contest," he wrote.
A Keefe spokesman did not return a call.
