Hanaper Partners Increases Stake in Elmira Savings Bank.NEW YORK--(BUSINESS WIRE)--Sept. 18, 1997--A group led by Hanaper Partners has increased its stake in Elmira Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ESBK) to 6.62%, as noted in its amended 13d filing with the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. . Rodney M. Propp, a principal of Hanaper, said that he was somewhat encouraged by improved performance at Elmira. He specifically praised the performance of CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. John Brugler in his continuing turn-around efforts. Mr. Propp added that Hanaper desires clarification of certain Board members' business relations with Elmira and will press for further disclosure. Mr. Propp did not rule out seeking greater shareholder representation on the Board, absent further marked improvement in returns on both assets and shareholder equity. "The clear strategy for Elmira," said Mr. Propp, "should be to improve returns by improving operating efficiency; in this arena there is still much to be done." Hanaper Partners, L.P., a private hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" , invests primarily in small capitalization financial and industrial companies. CONTACT: Hanaper Partners, L.P. Rodney M. Propp, 212/752-3910 |
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