Three weeks after it cut short and rescheduled its annual meeting, Independence Federal Savings Bank in Washington, D.C., said it has been postponed indefinitely.
The black-owned thrift is locked in a proxy battle with its largest shareholder, Morton Bender, who has nominated two of his allies to board seats. Independence has nominated its own slate of directors, and in a news release late Tuesday it said it had decided to postpone the meeting to give shareholders more time "to receive additional disclosures and to consider fully their voting decision."
Independence, with $178 million of assets, said that the board would meet "in the near future" to determine a new meeting date. The annual meeting was held on May 11 but was adjourned to June 8 before the shareholder vote could occur.
The Office of Thrift Supervision had urged a delay and expressed concern that the two sides were spreading misleading information about each other's motives.
