Activist investor Lawrence Seidman has taken a 7.4 percent stake in SBT Bancorp, the holding company of Simsbury Bank, according to a regulatory filing from yesterday.
The filing says Seidman purchased the shares based on the belief they are undervalued and represent an attractive investment opportunity.
On Oct. 4, according to the filing, Seidman spoke on the phone with Martin J. Geitz, the company’s president and CEO, and the two agreed to meet in mid-November to discuss ways to maximize shareholder value.
The filing comes roughly a week after SBT Bancorp said they would terminate the registration of their securities starting in 2018 due to the fact the company’s securities are held by fewer than 1,200 people.
Seidman also this year has purchased shares in Pilgrim Bancshares, the holding company of Cohasset-based Pilgrim Bank in Massachusetts.
The latest proxy statement from March, before Seidman invested, shows that nearly 35 percent of SBT Bancorp was controlled by the company’s directors and executive officers, Chicago-based The Banc Funds, New York-based PRB Investors and Toronto-based Manulife Asset Management.
SBT Bancorp’s shares were trading at roughly $26.90 to open the day on Oct. 11.