Shareholder activist Jerome H. Davis is urging the board of directors of Mutual Bancompany to sell the $60 million-asset company.

"It appears our company is terribly ill," he said in a Jan. 31 letter to Mutual's board. The Greenwich, Conn.-based investor cited low earnings and high operating expenses as signs of the institution's problems.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.