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Mountain 1st investors vote on merger with First Citizens Bank
Shareholders weigh a $10 million sale of Hendersonville based Mountain 1st to First Citizens Bank a move that would repay a $8 million TARP loan and yield only about $2 million to stockholders while directors receive $1.9 million in golden parachutes and $12 million in loans. Investors question fairness as stock values have collapsed from $63 million to this offer, despite a hoped community benefit and partial restructuring efforts led by CEO Michael G Mayer.
MENTIONED IN THIS ARTICLE
Mountain 1
First Citizens Bank
SEC
First Citizens
Top Mountain 1
James Maher
Mountain
Hendersonville Bank