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The $3.4 billion-asset holding company for Five Star Bank received a letter on Wednesday from Clover Partners' managing director, Johnny Guerry, saying management has made the wrong decision on two recent deals. Clover owns about 5.2% of Financial Institutions.
December 17 -
The $2.5 billion-asset company will freeze pension benefits for the 10% of its workforce that still receive a pension.
December 4 -
Bank Mutual Corp. is planning to close seven branches in Wisconsin.
February 10
Bank Mutual in Milwaukee is facing a proxy battle with the activist investor Clover Partners.
Clover managing director Johnny Guerry sent the $2.5 billion-asset company a letter dated Jan. 21 stating that the Dallas private-equity firm plans to nominate one or more individuals to oppose the bank's slate of board nominees.
The letter did not specify why Clover has decided to run nominees against Bank Mutual's slate. Clover Partners, which consists of MHC Mutual Conversion Fund LP, Clover Partners LP, Clover Investments LLC and Guerry, holds a 4.1% stake in Bank Mutual.
Last month Clover Partners
