Bank of Marin in Calif. says cooperation agreement with investor to end

Bank of Marin Bancorp in Novato, Calif., said a cooperation agreement with an investor group will soon end.

The $3.7 billion-asset company disclosed in a regulatory filing that Sanjiv Sanghvi will step down from the board at its next annual meeting. Sanghvi has been the board representative of the Kelly Trust parties as part of a cooperation agreement.

Bank of Marin noted when the agreement was renewed in 2022 that the investors had agreed to vote in favor of the board’s proposed nominees and “refrain from taking certain actions.”

Bank of Marin said that, with Sanghvi’s departure, it “expects the previously disclosed cooperation agreement with certain shareholders … will terminate without extension.”