Driver Management also wants the
$5.4 billion-asset Republic to replace Vernon Hill, the company’s CEO, with an
independent chairman. The investor has also voiced its opposition to a plan by
Republic First to raise more capital.
Driver has submitted a notice
of intent to nominate Peter Bartholow, Pamela Bundy and Richard Sinkfield III to
stand for election for board seats at company’s 2022 annual meeting. Bartholow
is a former chief financial officer at Texas Capital Bancshares.
Republic
First disclosed in a press release that it tried to arrange interviews with Driver’s
nominees. Republic First said it didn’t see eye to eye with certain stipulations
presented by the investor, including removing Hill as chairman and
reimbursement of “out-of-pocket costs” tied to its investment in the company.
“Although Driver will not support
any interviews taking place, the board intends to reach out to Bartholow, Bundy
and Sinkfield to see if they would independently agree to schedule interviews,”
Republic First said.
Driver has locked
horns with several other banks in recent years, including Codorus ValleyBancorp in York, Pa., and First United in Oakland, Md.
No comments:
Post a Comment