Marcus Walker, a dissident member of the family that runs Farmers & Merchants Bank of Long Beach, said he scored a partial victory in a proxy fight.
F&M Bank's shareholders elected one of the two directors nominated by Walker, who is leading an investor group that is pressing the closely held bank to make several changes, such as splitting its stock.
"I am hopeful the board of directors will seek to enhance shareholder value now," Walker said in a statement.
The elected director is Frank O'Bryan, a mortgage executive in Newport Beach, Walker said.
The bank didn't immediately return a call seeking comment. F&M's stock closed at $4,900 a share, up $50, on the OTC Bulletin Board market.
James F. Peltz
