ASB Bancorp in Asheville, N.C., has agreed to appoint to its board the activist investor Lawrence Seidman and another representative picked by Seidman.
As a result of the agreement, Seidman will withdraw his demand that ASB attempt to find a buyer for the $798 million-asset company. He also agreed to refrain from nominating additional directors and to support ASB's board nominees. Seidman owned about 5.9% of ASB as of April.
Seidman, of Parsippany, N.J., will join the board of ASB, the holding company for Asheville Savings Bank, in May. His handpicked nominee, Kenneth Wrench, will also join the board in May. Wrench is an owner of Augusta Homes, a luxury homebuilder in Cornelius, N.C.
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ASB Bancorp in Asheville, N.C., has received its second demand in less than a month to put itself on the auction block.
August 24 -
Anthony Weagley is combining a new emphasis on wealth management with Malvern's reputation as a small-town community bank to bolster the Pennsylvania company's financial performance.
January 20 -
Entegra Financial in Franklin, N.C., has agreed to buy Oldtown Bank in Waynesville, N.C.
November 24
Seidman first contacted ASB in August to warn of a
In August the activist firm Firefly Value Partners pressed ASB to
Olshan Frome Wolosky was legal counsel to Seidman on the agreement. Nelson Mullins Riley & Scarborough was counsel to ASB.