The Case of a Greedy Grip on Greer
Grrrrrr! The guys at Greer Bancshares have me growling.
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.
Prospective Buyers | BNC Bancorp, High Point, NC (BNCN) First Citizens BancShares, Inc, Raleigh, NC (FCNCA) United Community Banks, Inc, Blairsville, GA (UCBI) | ||||||||||||||||||
Financial Snapshot †as of 6/30/2016 |
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Scoundrels | Gary M. Griffin, Chairman J Richard Medlock Jr, Secretary, President, and CEO | ||||||||||||||||||
Red Flags | 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:
- - - - - - - - - - - - - - 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. | ||||||||||||||||||
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