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The latest development removes a custodian that had been appointed to the Philadelphia bank's board, where a vacancy created an opportunity for multiple factions to try to wrest control from CEO Vernon Hill.
The Vernon Hill-led bank is being buffeted by a board rebellion, a lawsuit and a burgeoning proxy fight all tied to the complaints of two investor groups that say their returns are subpar if not in the negative.
Driver Management says CEO Vernon Hill’s aggressive deposit-gathering strategy is not paying off for shareholders and wants the company to merge with a bank that would deploy the deposits into higher-yielding loans.