Gadfly Shareholders Shake Up Small Banks
January 27, 2014 11:55 AM
A number of community banks have removed CEOs, announced plans to sell or reached compromises with dissident shareholders in recent weeks. And proxy season has yet to hit its stride.
(Image: Thinkstock)
Shown the Door
Ronald Anderson resigned as president and CEO of Malvern Bancorp (MLVF) three months after the Pennsylvania company reached a truce with activist shareholder Stilwell Group. The ceasefire allowed Stilwell to appoint someone to Malvern's board.
(Image: Thinkstock)
Calling a Truce
BankFinancial (BFIN) in Burr Ridge, Ill., reached a compromise with PL Capital in December that paves the way for John Palmer, who co-founded the investment firm, to join BankFinancial's board. PL Capital also agreed to back the company's other director nominees.
(Image: Thinkstock)
Gearing Up for Battle
Speaking of PL Capital - the firm said in November that it plans to propose a nominee to join the board of Alliance Bancorp Inc. of Pennsylvania (ALLB). PL owns 9.2% of the Broomall company's stock.
(Image: Thinkstock)
Being Watched
Old Point Financial (OPOF) has also caught the attention of PL Capital, which bought a 5% stake in the Hampton, Va., company earlier this month. PL Capital said in a regulatory filing that it will "monitor the performance" of company and its management.
(Image: Thinkstock)
Pushed to Sell?
SouthStreet Financial in Albemarle, N.C., agreed to sell itself to BNC Bancorp (BNCN) in High Point, N.C., last month. Management may have had an incentive to sell after narrowly fending off a challenge earlier in the year from Mark Jaindl, a Pennsylvania banker who wanted three board seats.
(Image: Thinkstock)
On the Market
Hampden Bancorp (HBNK) in Springfield, Mass., company hired Sterne Agee & Leach in November to help it explore a possible sale. The decision happened shortly after management prevailed in a proxy battle against Clover Partners, a Dallas hedge fund.
(Image: Thinkstock)
