Officials of a New Jersey thrift rejected a proposal by a hostile shareholders group to support each other's candidates for two open seats on the thrift's board.

The shareholders group, led by activist investor Lawrence B. Seidman, had offered in June to support the nomination of Arthur J. Abramowitz to the board of Cherry Hill-based IBS Financial Corp. Mr. Abramowitz, a bankruptcy lawyer whose firm is the thrift's general counsel, is one of two management nominees for the seven-member board.

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