Seidman proposes declassifying board of Yardville National Bancorp

By Lisa Kerner

Charlotte, N.C., March 20 -Yardville National Bancorp investor Lawrence B. Seidman, manager of Seidman and Associates, LLC, sent a letter to the company asking it to declassify the board for shareholder approval at the next annual meeting.

The letter was included as part of a schedule 13D filed with the Securities and Exchange Commission.

Seidman is sponsoring the proposal to reorganize the board of directors "so that each director stands before the shareowners for reelection each year. We hope to eliminate Yardville's so-called 'classified board,' whereby the directors are divided into three classes, each serving a three-year term. Under the current structure, shareowners can only vote on one-third of the board at any given time."

In a schedule 13D filed on March 13, Seidman reported owning 993,435 shares of Yardville National Bancorp common stock, or 8.75% of the outstanding common stock.

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

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