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Solera National Bancorp in Lakewood, Colo., has ended a months-long search for a new leader.
September 30 -
Solera National Bank in Lakewood, Colo., has recruited a team of 40 residential mortgage lenders as it starts to fulfill promises of growth after a regulatory setback.
December 5
Solera National Bancorp (SLRK) is being challenged by a former director who wants to wrest control of the Lakewood, Colo., company's board.
Michael Quagliano, who has a 23.3% stake in Solera, said in a
Quagliano, who briefly served on Solera's board in late 2008 and early 2009, said in his filing that the proxy challenge stems from the company's unwillingness to respond to various "recommendations and inquiries" and its "continued poor earnings performance." In his filing, Quagliano said his recommendations to the board and management included suggestions that they eliminate certain real estate leases, consider "appropriate" staff reductions and decrease executive compensation.
Solera posted a net loss of $656,000 in 2013, compared to a $281,000 profit a year earlier. Employee compensation more than tripled in 2013 from a year earlier, to $8.4 million.
The company said in a regulatory filing that it added 61 employees since Dec. 31, 2012, with most assigned to its residential mortgage lending division. In December 2012, Solera
The proxy challenge will be an early test for John Carmichael,
Solera plans to hold its annual meeting on May 22.