Activist Cape Fear Bank Corp. shareholder Maurice J. Koury fielded an alternative slate of director nominees Thursday for the $464 million-asset bank in Wilmington, N.C.
Mr. Koury, who owns about 8.7% of Cape Fear's shares, nominated local businessmen Scott Sullivan, Mort Neblett, James Mahan 3rd, Robert Isser, David Lucht, and Milt Petty. Mr. Petty is the chief financial officer of Carolina Hosiery Mills Inc., and Mr. Koury is its president.
In recent months Mr. Koury has criticized the bank's long-term performance and questioned the pay of CEO Cameron Coburn.
Cape Fear's 2007 earnings fell about 41% from a year earlier, to $1.35 million, on higher nonperforming assets and branch expansion costs. In the past year, the bank's stock price has fallen about 21%.
