Jacobs Asset Management, which expressed frustration over a slow turnaround at MidSouth, said it could launch a proxy battle at next year's annual meeting.
Organizers of Piermont Bank said in their application with the FDIC that they want to raise $100 million and eventually operate in several urban coastal communities.
Keith Mestrich, who runs the union-founded bank, plans to use a more liquid stock to pursue acquisitions in cities such as Boston, Seattle and Los Angeles.
