Palisair Capital fails in its bid for representation on board of 1st Century Bancshares

By Lisa Kerner

Charlotte, N.C., June 3 - 1st Century Bancshares, Inc. said its stockholders "resoundingly rejected" Palisair Capital Partners LLP's nominee Zachary James Cohen for election to the company's board of directors at the annual meeting on May 29.

According to a 1st Century Bancshares news release, stockholders elected all board-nominated directors, including two new directors, Eric M. George and Nadine Watt.

Cohen received votes from holders of about 1% of the outstanding shares of the company, excluding shares owned by Palisair.

"The results of the vote reflect a clear message that our stockholders support management's and the board's continued strategic direction of prudently building a solid financial institution," chairman and chief executive Alan I. Rothenberg said in the release.

Stockholders also ratified the appointment of Perry-Smith LLP as 1st Century Bancshares' independent registered public accounting firm for the year ending Dec. 31, 2008.

Palisair had been critical of 1st Century Bancshares, accusing Rothenberg and 1st Century Bank CEO Jason DiNapoli of attempting to instill fear in the shareholders while ignoring the company's problems.

It was previously reported that Palisair, the company's largest stockholder with a 6% stake, urged fellow shareholders to support the election of Cohen, Palisair founder and managing member, to one of the 14 seats on 1st Century Bancshares' board.

Los Angeles-based 1st Century is the holding company of 1st Century Bank, NA.

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