http://www.emergingminds.org/magazine/content/index.php?itemid=4821
(BlackChipStocks.com) – According to the Washington Post a white investor named Morton A. Bender has now completed a hostile takeover of Independence Federal Savings Bank (Nasdaq:IFSB ).
Independence Federal Savings Bank was chartered in 1968 by William Fitzgerald III and became a publicly traded company in 1985. As of December 31, 2006, Independence Federal had approximately $160.7 million in total assets and approximately $12.5 million of total stockholders' equity.
Bender managed to take over the company by putting a strangle hold on the company’s board of directors using a multimillion-dollar lawsuit that allege mismanagement and wrongdoing.
According to the Washington Post staff writer Anita Huslin, “six board members -- including two of Fitzgerald's heirs who fought Bender's efforts -- have resigned, sold off their stock and been effectively muted by the lawsuits. Last month, the federal agency that regulates thrifts approved Bender's request to acquire 51 percent of the company's stock. And today, five men and one woman whom Bender recommended are slated to become directors, effectively giving him control of the board.”
This development at Independence Federal Bank has resulted in the stock being removed from the BlackChipStocks.com stock index as the company no longer has majority Black ownership. This is the second stock in as many years that has been removed from the BlackChipStocks.com index. The last company to be removed from the index was Ault, Inc. after the company announced in 2005 that it had agreed to be sold in a deal worth about $14.1 million in cash and became a wholly owned subsidiary of SL Industries Inc. (AMEX: SLI).
http://www.ifsb.com/
http://www.washingtonpost.com/wp-dyn/content/article/2006/10/29/AR2006102900972.html
(BlackChipStocks.com) – According to the Washington Post a white investor named Morton A. Bender has now completed a hostile takeover of Independence Federal Savings Bank (Nasdaq:IFSB ).
Independence Federal Savings Bank was chartered in 1968 by William Fitzgerald III and became a publicly traded company in 1985. As of December 31, 2006, Independence Federal had approximately $160.7 million in total assets and approximately $12.5 million of total stockholders' equity.
Bender managed to take over the company by putting a strangle hold on the company’s board of directors using a multimillion-dollar lawsuit that allege mismanagement and wrongdoing.
According to the Washington Post staff writer Anita Huslin, “six board members -- including two of Fitzgerald's heirs who fought Bender's efforts -- have resigned, sold off their stock and been effectively muted by the lawsuits. Last month, the federal agency that regulates thrifts approved Bender's request to acquire 51 percent of the company's stock. And today, five men and one woman whom Bender recommended are slated to become directors, effectively giving him control of the board.”
This development at Independence Federal Bank has resulted in the stock being removed from the BlackChipStocks.com stock index as the company no longer has majority Black ownership. This is the second stock in as many years that has been removed from the BlackChipStocks.com index. The last company to be removed from the index was Ault, Inc. after the company announced in 2005 that it had agreed to be sold in a deal worth about $14.1 million in cash and became a wholly owned subsidiary of SL Industries Inc. (AMEX: SLI).
http://www.ifsb.com/
http://www.washingtonpost.com/wp-dyn/content/article/2006/10/29/AR2006102900972.html
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