The following is a summary of recentactivist investor news from the bank and thrift space. Each company "inplay" is listed along with the activist group and that group's ownershipstake in the company, where applicable.
New York-based Citigroup Inc.
Investor: BartlettCollins Naylor
April 26:Naylor's proposal to split Citi received only 3.5% of shareholder support.More widely reported was the 63.6% support garnered by Citi's 2015 executivecompensation plan.
Winston-Salem,N.C.-based BB&T Corp.
April 26: BB&T's plan receivedeven less of a percentage of shares in support than Citi's — 311,220,573 votesin favor versus 258,789,162 votes against.
Investor:John Chevedden, as agent for Kenneth Steiner, 500 shares.
April 12:Shareholders votedagainst the proposal for an independent chairman.
Investor: GeraldArmstrong, 3,937 shares.
April 21: Shareholdersrejected the proposalfor an independentchairman in the fifth consecutive year the measure has been proposed.
Investors:Gerald Armstrong, 7,276 shares. ServiceEmployees International Union General Fund, 80 shares.
April 19:Shareholders rejectedthe proposals for anindependent chairman and a requirement that senior executives retain asignificant percentage of shares acquired as equity compensation.
Investor:Gerald Armstrong, 23,934 shares. Trillium Asset Management, onbehalf of shareholders with 3,551 shares.
April 26: Shareholdersrejected proposalsfor an independentchairman and a report on the company's lobbying policies andpractices.
Investor: Gerald Armstrong, 20,080shares.
April 6: The bank's board askedshareholders to reject the proposal for an independent chairman.
Salt Lake City-based
Investor:Gerald Armstrong, 915 shares.
April 14:The board asked shareholders to reject the proposal for an . Armstrong'srecommendation had garnered 84% support among voting shares in 2015, up from77% in 2014, and 66% in 2013.
Investor:Gerald Armstrong, 348.5451 shares
April 6:Armstrong said he would propose the declassification of the , as well as a majority votestandard for director elections.
Raleigh,N.C.-based First CitizensBancShares Inc.
Investor: Gerald Armstrong, 25 class A shares and150 class B shares.
April 26: Stockholders rejected a proposal thateach share be equal to onevote.
Investor:Lawrence Seidman's Veteri PlaceCorp., 1.01% stake as of 2015's end.
April 4:Seidman urged other shareholders to vote against a second , arguing Kearny's directorshave "over-compensated themselves."
Investors:Unidentified, less than 5%.
April 1: Theboard asked shareholders to vote against a proxy access proposal that it claimed would disrupt theorderly election of directors.
Investor:City of New York Office of the Comptroller
April 5:The comptroller again wants the bank's proxy access amended, alleging the current one is"effectively unusable by all but its largest shareholders."
April 27: Shareholders a proposal to amend thecompensation clawback provision.
April 1:The board adopted a clawback policy for executive compensation, followingshareholders' 48% support of the original compensation proposal.
Investors:Two unidentified large shareholders, Hudson Executive Capital LP
April 22:Shareholders have been agitating for a sale, The WallStreet Journal reported, citing anonymous sources, and CEO Ralph Babb Jr.disclosed that all options — including M&A — are now .
Investors: Johnny Guerry andClover Partners LP,5.5%.
April 20:Financial Institutions isfighting Guerry's push for a sale. It had previously suggested they might togetherfind "one mutuallyagreeable director candidate," while noting thatGuerry's suggested candidates — including himself — do not meet qualificationsto serve on the board. Guerry disagreed strongly and nominated himself and TerryPhilen.
Washington, N.C.-basedFirst South Bancorp Inc.
Investor:Phillip Lewis, 1.57%.
April 15:The board asked shareholders to vote against what it called an"ill-advised and unwarranted" push for a of the bank. Lewis said the companyand First South Bankhave experienced a long run of underperformance and are on an"unsustainable path."
Tallahassee, Fla.-basedCapital City Bank GroupInc.
Investor:Ajay Banerjee's Broad Lane Capital Management LLC
April 20: Banerjeecalled for the sale of Georgia,Alabama and central Florida branches, among other initiatives — orthe sale of the company, if "the Board and management team feel that theyare not up to the [other tasks]."
Investor:David Sokol, 29.59%.
April 20:Sokol said he would not support the re-election of the board, which he saysseems to have "donenothing in hopes that [his activism] will go away. It will not."Sokol had previouslycalled for the formation of a special committee of independent directors tolook into strategic alternatives, and he said he has not received any update onthe matter.
Investor:Joseph Stilwell's investor group, 4.0%.
April 12:Noting the company's progress, Stilwell decreased his stake to 4.0% from theprevious 8.9%. He added, however, that further action could be taken, such asbuybacks or a conversion.