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At Citigroup and Wells Fargo, shareholder proposals to disclose more about lobbying garnered double-digit percentages of the vote. PNC basked in environmentalists' admiration after agreeing to leave business on the table.
April 28 -
The $1.4 billion-asset company said in a press release Friday that it will allow Richard Lashley, a co-founder of PL Capital, to join its board.
February 27 -
While a number of community banks are preparing for lock horns with dissident shareholders, a bank in Indiana managed to work with an activist to avoid a nasty brouhaha.
March 25
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.
Ancora Advisors in Cleveland on Friday said that it plans to press MutualFirst management to seek a sale, citing poor returns on equity and an undervalued stock, according to a
"We believe the bank would achieve a valuation in excess of $30 per share in a merger with a larger, more well capitalized partner," Ancora said in the regulatory filing. "We also believe shareholders would benefit from a very large (likely 100%+) increase in the dividend yield from the current price."
MutualFirst closed at $21.99 per share, at the end of Tuesday trading. A spokesperson for the $1.4 billion-asset MutualFirst declined to comment.
Ancora, which holds a 5.1% stake in MutualFirst, earlier this year withdrew a planned proxy battle, after the company agreed to change a rule that required directors to live inside MutualFirst's home county of Delaware County.
Ancora, which had requested the company remove the rule, seemed "a little surprised when we took that step" of removing the eligibility requirement, David Heeter, MutualFirst's chief executive,
MutualFirst's maneuver was enough to bring about a
Ancora, however, apparently was not satisfied with MutualFirst changing the rule.
"While representatives of [Ancora] generally like Mr. Heeter on a personal level and believe he is making the best of the current situation, [Ancora] continues to have concerns about the bank's strategy of remaining independent," the activist said in the regulatory filing.
We "plan to continue to engage management and members of the Board of Directors in dialogue," Ancora said.
