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Changes Sought At Sioux Falls Banking Corporation; Key shareholder Cites Declining Profitability At HF Financial

Publication Date: 
October 05, 2011
Source: 
Argus Leader
Author: 
Kelly Thurman

Professor Michael Klausner is quoted by Kelly Thurman in this Argus Leader article on how changes at Sioux Falls Banking Corporation HF Financial Corp. may indicate that company is trying "have a voice" with it's board.

A large shareholder of a local Sioux Falls banking corporation is pushing for changes within the company including two new board members amidst discord about financial results that have declined in past years.

PL Capital Group, an investment company that buys bank stocks, is HF Financial Corp.'s largest shareholder with 688,717 shares, or 9.9 percent of the outstanding shares.

...

In this case, it looks like the company is not trying to take over the board but to have a voice, said Michael Klausner, a professor with the Rock Center for Corporate Governance at Stanford University.