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Seidman lowers Coastway stake after deal announcement

A month after Lawrence Seidman's investor group disclosed a 5.10% stake in Coastway Bancorp Inc., the shareholder activist has lowered his holdings below the reporting threshold.

Seidman, Veteri Place Corp. and related investment vehicles on March 15 sold 22,034 Coastway shares, leaving them with a beneficial 4.63% interest in the Warwick, R.I.-based company.

In February, the investors said they had "several conversations" with Coastway President and CEO William White about maximizing shareholder value. In March, the company announced it was being bought by HarborOne Bancorp Inc (MHC).