RUMSON, N.J., April 20, 2012 /PRNewswire/ -- Rumson-Fair Haven Bank & Trust Company (OTC: RFHB), today announced that both Institutional Shareholder Services ("ISS") and Glass Lewis & Co. ("Glass Lewis") have maintained their recommendation with regard to Rumson's slate of highly qualified directors, and is recommending that stockholders vote on Rumson's WHITE proxy card in support of Rumson's nominees, including the Chairman of the Board, William J. Barrett. The two firms also recommended that Rumson stockholders discard the Gold proxy card and not vote for George Hall, the dissident director nominated by SBAV, LP ("SBAV") and Mr. George Hall.
ISS and Glass Lewis are the leading independent proxy advisory firms in the country and their recommendations are relied upon by hundreds of institutions, mutual funds and fiduciaries throughout the world.
In its report dated April 19, 2012, ISS concluded:
"Given the lack of a compelling argument that the board has not provided appropriate oversight in recent years, we do not believe the dissident has met its burden of demonstrating that change at the board level is necessary." ISS went on to state, "As the dissident has not met its burden of proving that change at the board level is necessary, support for the dissident nominee is not warranted."
In its April 19, 2012 report, Glass Lewis concluded:
"... the Dissident has provided little detail regarding an alternative strategy for turning around the bank and creating value for shareholders. In the absence of such detail, we believe that investors should not support the appointment of Mr. Hall at this time. Accordingly, we believe shareholders should support the current board of directors at this time and vote FOR all nominees on the management card."
William J. Barrett, Chairman of the Board of Rumson, said, "We are very pleased that each of ISS and Glass Lewis, two independent and highly respected proxy advisory firms, recognize the superiority of Rumson's slate of highly qualified nominees for the Board following their careful review of the facts. We highly value the opinion of each of these firms, and remind our stockholders that it is very important that they send in their WHITE proxy cards. We continue to ask all Rumson stockholders to vote for Rumson's highly-qualified nominees and reject SBAV and Mr. Hall's self-interested agenda. "
Rumson strongly encourages stockholders to sign, date, and return the WHITE proxy card and vote FOR your Board's nominees. Stockholders who have questions, or need assistance in voting their shares, should call Rumson's proxy solicitor, Morrow & Co., LLC at 1-800-607-0088 or at [email protected]
NOTE: Permission to use quotations from the ISS and Glass Lewis reports was neither sought nor obtained.
SOURCE Rumson-Fair Haven Bank & Trust Company