Yardville says annual meeting date "lawful"

New York, Feb. 14 - Yardville National Bancorp said the choice of Aug. 16 for its 2007 annual meeting of shareholders is "lawful and proper."

In a letter to Peter Bray of Bray, Chiocca & Miller, LLC of Parsippany, N.J., Joseph Crawford of attorneys Pepper Hamilton LLP said the statute cited by Bray requires the company to designate - "i.e. select and announce the date" - the date of the annual meeting within 13 months of the previous meeting. The statute allows Yardville to hold the annual meeting on any date permitted in its by-laws.

The by-laws state that the meeting may be "at such time and place as shall be fixed by the board of directors."

The 2006 meeting was held on May 3, Crawford noted in correspondence filed with the Securities and Exchange Commission on schedule 13D.

A group of shareholders led by Seidman & Associates LLC has questioned the timing of Yardville's proposed annual meeting.

The group, owning roughly 993,000 shares, or 8.99%, of the company, says the delay is improper and violates requirements of the New Jersey Business Corporation Act.

To comply with the statute, Yardville must convene its annual meeting no later than June 4, 2007 or face possible legal opposition from the shareholder group.

Yardville National Bancorp, based in Hamilton, N.J., operates as the bank holding company primarily for The Yardville National Bank.

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