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Solera National Bancorp (SLRK) continues to go through management changes less than a month after an activist took over the Lakewood, Colo., company's board.
July 18 -
Six directors resigned after the company contested an activist investor's successful effort to wrest board control. As a court battle looms and regulators watch, the company could struggle to find replacement directors.
June 18 -
Solera National in Colorado went through a messy proxy fight with its biggest shareholder. The contest prompted the company's OCC examiner to ask for an invitation to the meeting.
May 27
The bottom line at
The $148 million-asset bank reported a loss of $442,000 in the third quarter, compared with a $638,000 loss in the same quarter of 2013. It latest loss per share was 17 cents.
In March activist investor Michael Quagliano
Quagliano
Fenton, who is the bank's fifth CEO in six years, previously served as the bank's chief financial officer, before being
Solera curtailed its losses in the latest quarter thanks primarily to a 46% drop in operating expenses, to $1.9 million. The bank attributed the decrease to lower compensation costs, offset by higher expenses associated with the closure of its mortgage division.
Income from interest-earning assets fell by 5%, to $1.1 million. The net interest margin increased 16 basis points, to 3.08%
Fee-based income plunged 66%, to $571,000. The bank attributed the decrease to the wind-down of its mortgage division during the third quarter.
"Given the significant change in Solera's business model from a year ago we believe the company's ability to maintain a steady interest income stream and continue to manage interest expense was a positive takeaway," Fenton said in a press release Friday.
