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Activist Basswood Capital seeks director seat on Regional Management board

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Activist Basswood Capital seeks director seat on Regional Management board

Basswood Capital Management LLC and several of its affiliates have taken a 13.11% stake in Regional Management Corp. and are asking Regional CEO and President Peter Knitzer to appoint its representative to the Regional Management board.

The company acknowledged the filing in a statement and said the request would be reviewed by the board.

Basswood Capital, Basswood Partners LLC, Basswood Enhanced Long Short GP LLC, Matthew Lindenbaum, Bennett Lindenbaum, certain funds and managed accounts acquired 1,529,879 Regional Management common shares for about $29.1 million to build the stake.

The shares were trading at a "significant discount" to their fair value, the investors said in an ownership filing. Basswood wrote that it could engage the board or the company's management about a potential transaction or other changes to Regional Management's strategy.