A proxy battle has erupted at Georgia's largest thrift company, Bankers First Corp. of Augusta, whose compensation packages and unwillingness to sell are being challenged by a thrift raider.

Mid-Atlantic Investors of Columbia, S.C., recently mailed its own proxy to shareholders of the $1.1 billion-asset company, asserting its intention to install its own nominee on the board and to control the management's salaries, which it calls "extravagant."

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