This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Two Independent Proxy Advisory Firms Support PL Capital Group's Candidate And Believe Change Is Needed In The Boardroom At CFS Bancorp, Inc.

NAPERVILLE, Ill., April 15 /PRNewswire/ -- PL Capital Group announced today that two leading independent proxy advisory firms, RiskMetrics Group and PROXY Governance Inc., have published their analyses for the CFS Bancorp, Inc. (Nasdaq: CITZ) annual meeting.  Both RiskMetrics and PROXY Governance have recommended that shareholders elect PL Capital Group's nominee John Palmer to replace CFS Bancorp's nominee Frank Lester.

In its analysis RiskMetrics noted that "the entire board has been in place since 2004, with most having served over much longer time periods.  Accordingly, we feel the board must share responsibility for the sustained underperformance during the last five years as detailed and believe change is warranted." RiskMetrics went on to show support for John Palmer and his experience in the banking industry by stating that it feels "the dissident nominee has the relevant experience, knowledge and skills necessary to bring a fresh perspective to board discussions and effect positive change."  

In its analysis PROXY Governance stated, "we remain concerned by the company's long-term underperformance of its peer group on key measures of operating and management effectiveness."  They further added, "Given the other significant issues the dissidents have raised about the board's attention to important governance details – the structure of certain bonus programs even as shareholder value plummeted, and the board's acceptance of unnecessary related party transactions with the CEO's direct family members – we believe shareholders will be best served by electing the dissident nominee, J. Palmer."

PL Capital principal Richard Lashley commented, "As everyone who follows CFS Bancorp knows, we have grown increasingly frustrated with the company's overall financial performance, related party transactions, and poor corporate governance practices.  The lack of urgency in the boardroom to correct these errors needs to be addressed immediately.  It is great to see two independent third parties who understand and agree with our concerns.  As RiskMetrics noted, a fresh perspective is exactly what the board needs."

The PL Capital Group is CFS Bancorp's largest outside shareholder owning 9.9% of the common stock.  

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,985.61 +78.99 0.47%
S&P 500 1,972.83 +9.12 0.46%
NASDAQ 4,419.0340 +27.5710 0.63%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs