Tuesday, May 11, 2010

Split Verdict at CFS

CFS Bancorp Inc., the Indiana-based holding company that operates Citizens Financial, held its annual meeting on April 27.

CFS stockholders re-elected the current chairman and chief executive officer, Thomas F. Prisby. But they also rewarded the dissidents, electing John Palmer, managing member of PL Capital LLC, to its Board of Directors.

Follow this link for my pre-meeting discussion of the issues.

Shareholders also ratified the appointment of BKD, LLP as the Company's independent public accounting firm for the fiscal year ending December 31, 2010.

"We congratulate Tom Prisby on his reelection, and look forward to working with John Palmer to continue our efforts to further the interests of all shareholders," said Gregory W. Blaine, lead independent director of CFS Bancorp, Inc. "Despite the economic headwinds we continue to face, we believe we are on the right path to enhancing shareholder value over the long term and remain committed to executing our Strategic Growth and Diversification Plan."

And follow this link to get an inkling of an earlier adventure of Mr. Palmer's, in the same field, the exciting world of bank equity.

Speaking of bank equity, and since good links should come in threes, here's an update on Basel capital requirements.

No comments: