Newport Beach Group Wants Vote on Bank

Genesis Financial Partners is seeking a shareholder vote to require management of a Massachusetts bank to cut costs or put the institution up for sale. Genesis has a 6.4% stake in Abington Savings Bank, making the Newport Beach fund one of the bank’s largest shareholders.

The Genesis proposal was disclosed in documents filed with the Federal Deposit Insurance Corp. Genesis wants shareholders of the Abington, Mass.-based bank to vote on the resolution at the company’s annual meeting April 24.

Genesis began a campaign last year to force the bank’s management to reduce its costs and redirect the institution’s investments away from securities and into more loans.

Abington President James McDonough said the bank’s shareholders support the firm’s current business plan and direction. “I welcome the opportunity to have our record evaluated by our shareholders,” he said. “I am confident the support of our shareholders will continue to be strong.”