The Bank Slate

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PL Capital seeking to boost stake in Evans Bancorp

PL Capital, a well-known activist investor, is seeking regulatory permission to own up to 19.9% of the stock in Evans Bancorp in Williamsville, N.Y.

PL Capital disclosed in a regulatory filing that it filed its documents with the Federal Reserve last week. The investor already owns 9.9% of the outstanding shares in the $2.1 billion-asset Evans.

The investor said it bought the stock based on a belief the shares were “undervalued at the time of purchase” and that it “will assert its shareholder rights” if it feels like doing so is necessary.

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