10 Banks in the Hot Seat
April 8, 2013 8:00 AM
Executives at these banks will be braced for interrogation by investors, analysts and community activists this spring, when the seasons for annual meetings and conference calls on first-quarter results collide.Related Articles: Proxy Battles Get Costlier for Banks and Activists Citi Changes Exec Pay System in Response to Shareholder Pressure Bank M&A: After the Honeymoon: In Pictures (Image: Thinkstock)
Surprising Target
BB&T's (BBT) annual meeting would have been an afterthought a month ago. But CEO Kelly King may face some tough questions since the Fed rejected the company's capital plan.Related Article: Fed Hits BB&T, JPM in Second Round of Stress Tests (Image: Bloomberg News)
It's Over ... Really
Jamie Dimon has spent a year ruing his promise that JPMorgan Chase's (JPM) London Whale was just "a tempest in a teapot." Now he must spend another quarterly earnings call and annual meeting convincing investors and analysts that the bank is really out of hot water from the trading loss.Related Article: Serious Shortfalls at JPM, OCC Over London Whale: Levin (Image: Bloomberg News)
Lockdown Potential
Harvard Illinois Bancorp (HARI) faces a proxy battle from Stilwell Group for the second year in a row. Coincidentally or not, it will hold its annual meeting at the local police station for the second consecutive year, too.Related Article: Activist Stilwell Trying to Force Harvard Illinois to Sell (Image: Thinkstock)
Legacy Issues
Wells Fargo's (WFC) massive mortgage operations are still creating problems for CEO John Stumpf, who has faced customer protests and shareholder proposals over the San Francisco company's fair lending practices.Related Article: Foreclosure Protesters Disrupt Wells CEO's Speech
Be Nice, I'm the New Guy
Citigroup (NYSE:C) CEO Chief Executive Michael Corbat will preside over his first annual meeting, following an eventful gathering last year when shareholders rejected the pay package of predecessor Vikram Pandit. The nonbinding but shocking vote spelled the beginning of the end for Pandit, who was ousted in October.Related Article: Citi Stays Global But Picks Its Spots Under Corbat (Image: Bloomberg News)
And I'm the Short-Timer
Gary Crosby, named interim CEO of First Niagara Financial Group (FNFG) after its removal of John Koelmel, will have to give some hints about how the Buffalo company plans to fix the damage caused by overexpansion -- while he prays the board moves fast to pick his successor.Related Article: Koelmel's Successor to Have Full Plate at First Niagara
Say on Pay Battle
FirstMerit (FMER), led by CEO Paul Greig, survived a close vote on executive pay at last year's annual meeting. This year's vote could be influenced by the Akron, Ohio, company's stock price, which is down more than 3% since it announced plans last September to buy Citizens Republic Bancorp (CRBC).Related Article: Fed Approves FirstMerit's Purchase of Citizens Republic
Show Us More
Bank of America (BAC) CEO Brian Moynihan must convince shareholders that he can finish cleaning up its mortgage putbacks and other lingering messes from the financial crisis now that B of A has won the Federal Reserve's blessing to buy back $5 billion in common stock.Related Article: Can Brian Moynihan Survive Long Enough to Fix B of A? (Image: Bloomberg News)
To Meet, or Not to Meet?
Atlantic Coast Financial (ACFC) in Jacksonville, Fla., hopes to wrap up its sale to Bond Street Holdings and avoid an annual meeting, but disgruntled investor Jay Sidhu is demanding a meeting so his plan to keep Atlantic Coast independent can be heard.Related Article: Florida Bank Gets Earful About Deal from Former Chairman Sidhu
Tell Us Your Secrets
Investors Bancorp (ISBC) CEO Kevin Cummings will have to keep answering the questions about when the mutual holding company plans to convert to a full stock-owned company, and what its prospects for deals are in the interim.Related Article: Should Investors Buy More Mutuals or Stop with Roma?
