Seidman seeks Massbank board seat

By Lisa Kerner

Charlotte, N.C., July 27 - Massbank Corp. investor Lawrence B. Seidman bought 251,714 shares of the company between July 25, 2006 and July 25, 2007 for a total of $8,278,794.29 as an investment. The purchase was listed in a schedule 13D filing with the Securities and Exchange Commission.

Seidman, of Seidman and Associates, LLC, as a representative of the reporting persons will attempt to meet with Massbank's board of directors and management to review ways to maximize shareholder value, the filing stated.

The investor will also request that the size of the board be increased by one member and that Seidman, or another acceptable person independent of Massbank's management, be added to the board. If denied, Seidman will seek to elect three directors at the company's next annual meeting by way of a proxy contest.

Seidman's shares represent a 5.83% stake in the Reading, Mass., bank holding company.

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