Hall says or does, will pursue such strategies only if and when they are in the best interests of the Bank's stockholders as a whole - not just SBAV and Mr.
The Bank Has Made Every Effort to Negotiate a Fair Resolution With SBAV and Mr.
In connection with last year's Annual Meeting of Stockholders, SBAV requested three Board seats.
In March 2012, in connection with this year's Annual Meeting, SBAV sent letters to the Bank demanding the right to inspect the Bank's stockholder list, which the Bank viewed as an attempt to conduct a proxy contest.
In April 2012, the Board then proposed a settlement agreement that would have allowed two SBAV nominees to join the Board and to limit the size of the Board through the term of the agreement, if SBAV agreed to a customary standstill.
Throughout April 2012, settlement discussions continued between the parties until the receipt of SBAV's nomination letter on April 11, 2012, in which SBAV informed the Bank of its intention to nominate Mr.
Rather than being appointed to the Board without wasting Bank funds, SBAV has determined to proceed with its proxy contest.
It is clear that this proxy contest is about SBAV and Mr.
The SBAV proxy statement cites "missed opportunities" and states that the "current approach of the[Bank] appears to emphasize using its cash deposits and cash to purchase government bonds and securities.
Moreover, contrary to the assertion by SBAV, under Mr.