Battles Brewing?
July 20, 2011 11:00 PM
Battles Brewing?
Activist investors hold large stakes in many financial institutions. Following is a list of the 10 banks and thrifts with the highest concentrations of activist ownership, based on data from Catalyst Investment Research and company filings. Percentages represent activist ownership.
#10 Seat at the Table
Colonial Financial Services Inc. in Vineland, N.J. (6.9%)
Reached an agreement in May with activist investor Lawrence Seidman that led to John Bailey joining the company's board. (Image: ThinkStock)
Battles Brewing?
#9 Keeping Watch
Fox Chase Bancorp Inc. in Hatboro, Pa. (7%)
Converted to a shareholder-owned bank from a mutual last year. In March Siedman disclosed a 7% stake in the company. (Image: ThinkStock)
Battles Brewing?
#8 Sale Looming?
North Central Bancshares Inc. in Fort Dodge, Iowa (8.3%)
Converted to a bank holding company last month. PL Capital Group, run by Richard Lashley, is pressing management for a plan to manage credit risk, exit Tarp and possibly sell the company. (Image: Bloomberg News)
Battles Brewing?
#7 Loud and Clear
Northeast Community Bancorp Inc. in White Plains, N.Y. (8.4%)
Plans aggressive mortgage-lending push in Boston. Joseph Stillwell and Stillwell Partners have been lobbying other shareholders and urging a shakeup. (Image: ThinkStock)
Battles Brewing?
#6 Improve … or Else
Harvard Illinois Bancorp Inc. (9.1%)
Operating under a memorandum of understanding and dealing with Stillwell, who has vowed to "encourage" management to improve return on equity or find a buyer. (Image: ThinkStock)
Battles Brewing?
#5 Friendly … For Now
Wolverine Bancorp in Midland, Mich. (9.2%)
Switched to a public company from a mutual last year. Stillwell has supported management but has also threatened to seek board representation if the company dilutes shareholder value. (Image: ThinkStock)
Battles Brewing?
#4 Reining in Growth
SP Bancorp Inc. in Plano, Texas (9.4%)
Another former mutual that went public in last October. Stillwell is a force here, too, urging dividends, share repurchases and "prudent" growth in Texas. (Image: Bloomberg News)
Battles Brewing?
#3 Stay Focused
Sunshine Financial Inc. in Tallahassee, Fla. (9.7%)
Reorganized in April, converting to a stock holding company. Stilwell wants management to focus on normalized ROE before expanding the franchise; he will seek board seats if management strays from that course. (Image: ThinkStock)
Battles Brewing?
#2 Trading Blows?
BCSB Bankcorp Inc. in Baltimore (9.8%)
Another target of PL Capital Group, the company's biggest outside shareholder. PL Capital has threatened a proxy battle unless Richard Lashley is added to the board. (Image: ThinkStock)
Battles Brewing?
#1 Convert Now
Polonia Bancorp in Huntingdon Valley, Pa. (18.8%)
It has also been under fire from Richard Lashley, who wants Polonia to pursue a second-step conversion. Lashley has said that he has no plans to fight for control of the company. (Image: ThinkStock)
