Solera National Bancorp (SLRK) in Lakewood, Colo., said it is willing to negotiate with an activist investor on filling some board seats.
The $168 million-asset company said in a press release Tuesday that it is will to nominate two to four directors that would be mutually agreed upon by the existing board and Michael Quagliano, an investor who is trying to secure six board seats at Thursday's annual meeting.
Quagliano also has a shareholder proposal that would shrink the board to five directors.
The company said last week that it four of its 11 nominees were no longer running in the upcoming election and that Kathleen Stout, a former employee, had withdrawn her nomination of eight director candidates.
Quagliano, who owns about 23% of Solera's stock, on Monday mocked the company's decision to nominate fewer directors, saying it contradicted with prior statements from the board and management. "Regardless of the number of Solera nominees or Solera's spin on the resignations, fundamental change is needed," Quagliano said in a regulatory filing.