A holder of 5.56% of Hamilton Financial Services Corp., San Francisco, has urged the company's board to seek a merger or sale.

In a letter sent to the board on Monday, Kramer Spellman LP, a Fort Lee, N.J., partnership, said it believes "outside parties would have an interest in acquiring Hamilton at a premium to the current stock price." The letter was attached to a Securities and Exchange Commission filing, Dow Jones reported.

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