For Solera National Bancorp (SLRK) in Lakewood, Colo., an unresolved proxy battle could be more dangerous than an outright loss to an activist investor.

Six members of the $168 million-asset company's board resigned last week, leaving Chief Executive John Carmichael as the only remaining director. The resignations came less than a month after a contentious annual meeting where Solera's shareholders voted overwhelmingly to replace the board.

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