A former executive at Solara National Bancorp (SLRK) could start working with an activist investor to alter the size and composition of the Lakewood Village, Colo., company's board.

Robert Fenton, who was terminated as chief financial officer last month, disclosed Thursday that he will begin making regulatory filings in concert with Michael Quagliano, who owns 23.3% of Solera's common stock. Quagliano plans to nominate seven people, including himself, to join the $170 million-asset company's board. Quagliano also filed a proposal to shrink the size of Solera's board to five directors.

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