The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Blue Foundry in NJ withstands challenge for board seats

Blue Foundry Bancorp in Rutherford, N.J., prevailed in its proxy contest with activist investor Larry Seidman.

The $2.1 billion-asset company disclosed in a regulatory filing that its board nominees – J. Christopher Ely and Robert Goldstein – were elected to three-year terms at this year’s annual meeting. Each received more than 12.4 million votes from shareholders.

Seidman and Associates’ candidates – Jennifer Corrou and Raymond Vanaria – fell short of the necessary votes to gain seats. Neither candidate topped 3.5 million votes.

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