Yardville shareholders led by Seidman seek company information

By Lisa Kerner

Charlotte, N.C., Feb. 15 - A group of Yardville National Bancorp shareholders led by Lawrence B. Seidman and Seidman & Associates LLC said it continues to seek information from the company regarding payment of legal fees and relatives employed by the company.

On Feb. 13, Seidman counsel Peter Bray requested confirmation that the company's directors, and not Yardville, paid legal fees in a recent ruling that the directors had breached their fiduciary duty.

Lawrence Seidman wrote in a letter to company president and chief executive officer Patrick M. Ryan on Feb. 14, "I am writing in response to your Feb. 12, 2007 letter, which refuses to even disclose the number of directors' and senior managers' relatives (by blood or marriage) working at Yardville National Bancorp or its banking subsidiary. Disclosure of the requested information is certainly embarrassing, it is surely not confidential."

Seidman owns a total of 993,435 shares of Yardville common stock, or 8.75% of the outstanding common stock, according to a schedule 13D filing with the Securities and Exchange Commission.

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

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