Beverly National investors discuss strategic options, ask for board representation

By Angela McDaniels

Tacoma, Wash., March 12 - Beverly National Corp. investors Lawrence Seidman and Thomas C. Goggins met with senior management on Wednesday in order to discuss strategic options available to the company, according to a schedule 13D filing with the Securities and Exchange Commission.

In addition, Seidman requested that the company enlarge the board of directors by one and add Goggins to the board.

Seidman and Goggins are part of a group of Beverly National investors led by Seidman and Associates, LLC. The group beneficially owns 160,000 shares, or 6%, of the company's common stock and had spent $2.58 million to purchase those shares.

Since the beginning of the year, the group has purchased 84,400 shares for $13.85 to $14.57 each.

The issuer is the bank holding company for Beverly National Bank and is based in Beverly, Mass.

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