BYL Bancorp Names Outside Director to Placate Investors

BYL Bancorp, under pressure from investors to appoint outside directors to help sell the Orange bank holding company, said Friday it has agreed to name the general manager of a New York investment firm to its board. The company added Sy Jacobs, general partner of JAM Partners LP, as part of an agreement with a group of investors, which withdrew a request to include an alternative slate of directors at BYL’s annual stockholders meeting Sept. 27. Included in that group is Everest Partners LP, a Nevada shareholder that said last week it would try to place two directors on the board. BYL also is under pressure from federal regulators, who require the bank, among other things, to improve management, raise more capital and operate in a way to improve earnings.