Interesting...
Tuesday July 27, 6:55 pm Eastern Time
Bank Plus investor asks any bid get consideration
NEW YORK, July 27 (Reuters) - A large Bank Plus Corp. (Nasdaq:BPLS - news) investor wrote a letter to the Los Angeles-based bank's board urging the company, whose quarterly losses are widening, to consider any takeover offer it receives, a government regulatory filing showed.
The letter from investor Jeffrey Gendell cites a July article in the American Banker newspaper that says Bank Plus, whose stock now trades at $5.94 a share, was presented with a $9 a share offer.
Gendell holds about a 10 percent stake in the bank. The bank was not immediately available to comment.
''The board should seriously consider any offer from a regional institution that can quickly improve operations, clean up the remaining credit card portfolio, and take advantage of the Bank Plus deposit franchise,'' he wrote.
On July 14 Bank Plus said it expects to report a second-quarter net loss of between $10 million to $13 million due to increased provisions for estimated loan losses.
Regards,
Bill Fortune III |
