The Case of a Greedy Grip on Greer
Even if they stopped their money grubbing today and all else goes well, I have trouble seeing how the market price of GRBS could reach much over $15 — not a terrible return, but also not optimal, especially considering the risks involved. In a sale, GRBS shares could garner $17, more than 40% above today's stock price.
I agree with C Don Wall, a former Director and Greer's largest shareholder: the Board has a fiduciary responsibility to loosen its grip on the bank and let shareholders sell it if they wish.
Disclosure: As of this posting, I own shares of GRBS and may subsequently either dispose of them or purchase more.
BNC Bancorp, High Point, NC (BNCN)
First Citizens BancShares, Inc, Raleigh, NC (FCNCA)
United Community Banks, Inc, Blairsville, GA (UCBI)
†as of 6/30/2016
Gary M. Griffin, Chairman
J Richard Medlock Jr, Secretary, President, and CEO
The Greed. These greedy guys (and gals)...
[No wonder that a full third of Greer's directors don't even own an amount of stock equal to a year's worth of board fees!]
The Grip. These same greedy guys are...
*Until this is changed, that aforementioned third of the Board that owns next to no GRBS stock can effectively block the interests of shareholders who own 99% of it.
Other Gripes. While their hands are busy grabbing profits and maintaining their grip on the bank, these guys are dropping the ball:
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My Gratitude to fellow shareholders C Don Wall, Dennis Hennett, and Paula Lawrence — who launched a proxy fight last year — for their shareholder advocacy and stand for right behavior.