Koury proposes alternate slate of nominees for election to Cape Fear Bank's board

By Lisa Kerner

Charlotte, N.C., March 28 - Cape Fear Bank Corp. shareholder Maurice J. Koury announced an alternate slate of candidates for election to the company's board of directors in a statement released on Friday.

Koury, an 8.7% shareholder, notified the company of his intention on March 18, according to a schedule 13D filing with the Securities and Exchange Commission.

The investors' nominees are:

• Scott Sullivan, manager at Cameron Management LLC;

• Milt Petty, chief financial officer and a vice president of Carolina Hosiery Mills, Inc.;

• Mort Neblett, managing member of Owencroft Financial Partners;

• Haywood Cochrane Jr., vice chairman I-Trax, Inc.;

• James "Chip" Mahan III, chairman and chief executive officer of the proposed Live Oak Banking Co.;

• David Lucht, president, chief operating officer and chief credit officer of the proposed Live Oak Banking Co.; and

• Robert Isser, executive vice president of Sidney Gilbert & Co.

Koury urged Cape Fear shareholders to consider the bank's performance to date, the current environment for banking and the comparative qualifications of the professionals Koury has nominated as an alternative slate to the company's existing directors, according to the release.

It was previously reported that Koury said Cape Fear's board refused to meet with him, refused to disclose details of the company's strategic business plan to create shareholder value, rejected Koury's offer to acquire Cape Fear for $12 per share and rejected the shareholder's offer to nominate two bankers as company directors.

Koury claimed that as a result, he had no choice but to seek new leadership to build value for the company's shareholders, a prior news release stated.

Cape Fear is the holding company for Cape Fear Bank, based in Wilmington, N.C.

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