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CFS Bancorp says it answered or explained shareholder's questions
By Lisa Kerner
Charlotte, N.C., May 11 - CFS Bancorp, Inc. lead independent director Gregory W. Blaine said every comment or question raised by shareholder PL Capital, LLC has been "identified, reported and explained by the company."
In a Monday letter to PL Capital principal John Palmer, Blaine said Palmer's letters to the board "are duly noted" and that Palmer is entitled to his opinion.
"It would be in the best interests of all shareholders, however, if your approach was more informed and constructive," Blaine said in the letter.
The letter was included in a form 8-K filed on Monday with the Securities and Exchange Commission.
"In fact, there is not an appropriate topic you have raised which has not been identified, reported and explained in full by the company on a timely basis respecting all regulatory requirements to which the company adheres," Blaine said.
According to Blaine, Palmer attended CFS' annual meeting that included "nearly two hours of shareholder/management/board interaction face-to-face."
"Indeed, more questions were asked by, and more discussions were had with, more shareholders than the company has experienced in the past 10 annual meetings combined," the letter said.
Blaine said CFS "welcomes reasoned, accurate and constructive dialog with all shareholders," but "inflammatory remarks and bemoaning the impact of hard economic times in hindsight do little to improve future performance."
PL Capital said in March it planned to question CFS management about the operating and strategic plans for maximizing the value of the company's common stock.
As previously reported, the investors also expressed interest in the company's plans for managing its holdings of loan participations and syndications and other credit risks in the current economic downturn.
CFS Bancorp is the holding company for Citizens Financial Bank and is based in Munster, Ind.
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