Judge rules in favor of Yardville shareholders, orders reimbursement

By Lisa Kerner

Charlotte, N.C., Feb. 13 - A New Jersey judge ruled in favor of Seidman & Associates, LLC in its litigation against Yardville National Bancorp and its directors, confirming that the directors "had breached their fiduciary duty," according to a schedule 13D filing with Securities and Exchange Commission.

Certain attorneys' fees were assessed against the individual directors, and Yardville was ordered to reimburse Lawrence Seidman for the cost of a proxy contest held in 2006.

A group of shareholders, led by Seidman & Associates, had questioned the timing of Yardville's proposed annual meeting scheduled for Aug. 16, 2007.

The last annual meeting was held on May 3, 2006, and Seidman said the delay violates requirements of the New Jersey Business Corporation Act and, in order to comply with the statute, Yardville must convene its annual meeting no later than June 4 or face possible legal opposition from the shareholder group.

Yardville National Bancorp is based in Hamilton, N.J., and operates as the bank holding company for The Yardville National Bank.

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