Koury seeks support for election of nominees to Cape Fear Bank board

By Lisa Kerner

Charlotte, N.C., Aug. 5 - Cape Fear Bank Corp. investor Maurice J. Koury urged fellow shareholders to vote in favor of his nominees for election to the company's board of directors at the annual meeting on Aug. 19 in the wake of the bank's earnings report.

According to Koury, Cape Fear lost $599,000, or $0.16 cents per diluted share, for the quarter ended June 30. The loss was $1.04 million in pre-tax dollars.

"The latest disappointing results include continued incoherence in the company's deposit and loan-loss strategies, a hallmark of the current board's ineffective stewardship," Koury noted.

Koury believes his nominees will "make the tough choices and bring consistency and results to the company's strategy and execution."

As previously reported, Koury's nominees for election to the Cape Fear board 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 cited Cape Fear's third straight quarter of reported pre-tax loss in a statement released on Tuesday.

The investor reported an 8.82% stake in the Wilmington, N.C. bank holding company on July 9.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.