A proxy advisory firm has sided with Financial Institutions in Warsaw, N.Y., in its battle with an activist investor.
Financial Institutions said in a press release Monday that Institutional Shareholders Services has recommended that shareholders back the $3.4 billion-asset company's board nominees. Financial Institutions is facing a proxy challenge from Clover Partners in Dallas, which owns about 5.5% of the company's stock.
ISS said in its report that the board's strategy is driving profitable growth and that shareholder return appears to have "handily outperformed" peers. Clover "had not made a compelling case that additional change in the board level is warranted," the report added.
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Investors are quickly choosing sides in a proxy battle at Financial Institutions in Warsaw, N.Y.
April 15 -
Financial Institutions in Warsaw, N.Y., has offered an olive branch to resolve a proxy battle with an activist investor.
April 13 -
Financial Institutions in Warsaw, N.Y., is facing a proxy battle from an activist investor intent on taking two board seats.
April 5 -
Investors are quickly choosing sides in a proxy battle at Financial Institutions in Warsaw, N.Y.
April 15 -
Peter Humphrey, who stepped down as Financial Institutions CEO in 2012, said he supports a push by activist investor Clover Partners to force the company to find a buyer. Humphrey left the companys board in 2014.
January 14
Clover, which has expressed frustration with Financial Institutions' recent nonbank acquisitions and has pressed the company to sell itself, presented its case to ISS on May 12, according to a
The proxy battle has revealed rifts among members of the Humphrey family, which has long maintained a large ownership stake in the company. Peter Humphrey, a former Financial Institutions' president,
Financial Institutions will hold its annual shareholders meeting June 3.