Seidman asks Yardville Bancorp to make public letter from the Federal Reserve Bank of Philadelphia

By Lisa Kerner

Charlotte, N.C., April 18 - Yardville National Bancorp investor Lawrence B. Seidman, manager of Seidman and Associates, LLC, asked company president and chief executive officer Patrick M. Ryan to publicly disclose, through an 8-K filing, the contents of a Jan. 27, 2006 supervisory letter to Yardville from the Federal Reserve Bank of Philadelphia.

Seidman made his request in an April 18 letter included in a schedule 13D filing with the Securities and Exchange Commission.

In his letter, Seidman noted a passage from the company's 10-K annual report for the year ended Dec. 31 that said, "The supervisory letter sets forth certain provisions with respect to which the Reserve Bank has requested our compliance, including obtaining prior approvals of dividend payments and any indebtedness other than indebtedness incurred in the ordinary course of business, as well as refraining from purchasing or redeeming any shares of our stock."

Seidman has contacted Yardville over the past several weeks to nominate board members, to insist that the annual meeting be held on July 12 and to request lists of other Yardville shareholders.

The investor owns 984,587 shares, or 8.89%, of the company's outstanding common stock.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.