After resisting pressure from an activist shareholder for months, Palfed Inc. of Aiken, S.C., parent of Palmetto Federal Savings Bank, announced last week that it is seeking a merger partner.

The news forced a temporary halt Friday in trading of Palfed stock. The price had risen 15% in four days, from $17.75 on the morning of Sept. 8 to $20.375 Thursday afternoon. Palfed was trading this Tuesday afternoon at $21.38.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.