Bancorp Rhode Island's director nominees elected over PL Capital's slate

By Lisa Kerner

Charlotte, N.C., May 27 - Carl T. Hagberg and Associations, along with Adam J. Gwaltney, the inspector of election, confirmed that Bancorp Rhode Island, Inc.'s director nominees were elected at the company's May 21 annual meeting.

Directors Anthony F. Andrade, Malcolm G. Chace, Ernest J. Chornyei Jr., Edward J. Mack II and Merrill W. Sherman will remain on the Bancorp Rhode Island board until the 2011 annual meeting, according to a company news release.

Some 92% of Bancorp Rhode Island's outstanding shares of common stock were voted, and over 63% of all votes cast were for the directors recommended by Bancorp Rhode Island's board.

Bancorp Rhode Island said its nominees garnered over 1.2 million more votes, out of nearly 4.2 million shares voted, than the three nominees put forth by PL Capital Group.

It was previously reported that PL Capital, an 8.5% shareholder, nominated its principals Richard Lashley and John Palmer, as well as Daniel J. Mullane, for election to Bancorp Rhode Island's board.

This is the second consecutive year that Bancorp Rhode Island's director nominees have been opposed by PL Capital in a proxy contest.

Bancorp Rhode Island is based in Providence, R.I., and is the holding company for Bank Rhode Island, which provides commercial banking services.

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