Activist investor Driver Management wants Community Bankers Trust to sell itself [Reuters]
Community Bankers Trust Corporation. (ESXB)
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Source: Reuters
Activist investor Driver Management wants Community Bankers Trust to sell itself Jan 13 (Reuters) - Driver Management Company LLC, an activist investor targeting U.S. banks, said on Monday it wanted Community Bankers Trust Corp, the holding company for Virginia community bank Essex Bank, to sell itself. In an open letter to other Community Bankers shareholders reviewed by Reuters, Driver said it was worried the bank was losing out to its competitors and its Chief Executive Officer Rex Smith may have deterred possible suitors. “We do believe that (Community Bankers) could obtain a significant premium to its current market value now through a sale to one of the many logical acquirers in the marketplace,” said Driver, which holds a stake of roughly 1.5% in Community Bankers, according to a source familiar with the matter. Driver said in the letter that it believed Smith has unrealistic expectations of a sale price and has required that he remain in the bank’s senior management in any dea
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