-
ASB Bancorp in Asheville, N.C., is facing a potential proxy fight from New Jersey activist investor Lawrence Seidman.
July 28 -
ASB Bancorp in Asheville, N.C., has repurchased a block of stock from funds tied to activist investor Joseph Stilwell.
July 22 -
MutualFirst Financial in Muncie, Ind., is facing pressure from an activist investor to explore a potential sale, even after the bank earlier this year agreed to implement a demand made by the same activist.
May 27
ASB Bancorp in Asheville, N.C., has received its second challenge in less than a month from an activist investor. The latest seeks a sale of the company.
Firefly Value Partners in New York on Friday
Firefly owns a 9.6% stake in ASB and has been a shareholder since October 2011. The firm said that "throughout the duration of our investment, we have been patient and supportive" of the company's management and the board. However, ASB Bancorp's return on assets was less than 0.5%, and its return on equity less than 4%, in the second quarter, Firefly noted.
"The company's small size impedes its ability to generate adequate returns," Firefly said in the letter. "A larger institution (a 'potential acquirer') will utilize the company's assets to earn returns greater than those the company can earn on a stand-alone basis."
ASB had not filed its response to Firefly with the Securities and Exchange Commission as of Monday afternoon.
Also on Friday, ASB
Last month, New Jersey activist investor Lawrence Seidman said