An activist investor is putting renewed pressure on First United in Oakland, Md.
Driver Opportunity Partners plans to nominate Abbott Cooper, a managing member, for election as a director at First United’s next annual meeting, the $1.7 billion-asset banking company disclosed in a Tuesday regulatory filing.
First United said it was notified by Driver on Friday, adding that its board is reviewing the notice.
Driver, which has been pushing First United to sell, unsuccessfully tried to have three nominees elected to the company’s board at last year’s annual meeting.
First United filed a lawsuit against Driver in May in U.S. District Court for the District of Maryland, claiming the investor violated Maryland law as it amassed a 5% stake in the company.
The investor filed a lawsuit against First United, along with current and former directors, on Sept. 4, alleging that they lied to investors and abused the regulatory process to quash dissent and win a proxy battle.
First United has said in regulatory filings that it believes “Driver’s claims lack merit.”
