Massbank CEO seeks information on Seidman; investor fires back

By Lisa Kerner

Charlotte, N.C., Jan. 30 - Massbank Corp. investor Lawrence B. Seidman confronted the company's chairman and chief executive officer, Gerard H. Brandi, about Brandi's inquiries into Seidman's service as a board member.

Brandi, according to a Jan. 30 letter from Seidman, contacted Center Bancorp, Inc.'s CEO to acquire about Seidman. Seidman's letter to Brandi was included as part of a schedule 13D filing with the Securities and Exchange Commission.

"When the CEO made positive and complimentary comments about my contributions as a Center Bancorp board member, you abruptly ended the conversation by telling him he was not the person you wanted to speak with," Seidman claimed in the letter.

Seidman noted that the chairman of Center Bancorp "agreed with and reinforced the CEO's positive comments" concerning Seidman's performance as a director.

"If I were you, I would check the sources of the information being provided to you. Nobody profits from a proxy contest other than the consultants," Seidman said.

The investor, with a 7.43% stake in the company, said he is willing to provide Brandi with names of directors that have direct knowledge about Seidman as a board member upon Brandi's request.

Seidman also took the opportunity to blast the company for awarding options to directors and senior management in January, a move Seidman called "inappropriate" considering Massbank's poor financial performance.

In January, Seidman requested a copy of the company's most current shareholder lists for the purpose of communicating with fellow shareholders, it was previously reported.

Seidman nominated himself, Thomas C. Goggins and Welles C. Hatch in December for election to Massbank's board of directors at the company's next annual meeting of shareholders.

In the past, Seidman has recommended that Massbank accelerate share repurchases and consider a possible Dutch auction.

Massbank is a Reading, Mass., bank holding company.

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