Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
Sept 4 (Reuters) - Driver Management Company LLC, an activist investor focused on U.S. banks, renewed calls on Wednesday for First United Corp, the holding company for Maryland community bank First United Bank & Trust, to sell itself.
First United's shares have traded at a significant discount to its regional banking peers, and the company has fallen behind its competitors in making new loans, according to a letter Driver sent to the bank's board of directors.
Directors on the bank's board have also stuck around too long, with an average tenure of nearly 15 years, Driver argued in the letter.
"Some members have been on the board 25 years," Driver founder Abbott Cooper said in an interview. "It's a fun club, there's a lot of prestige being a director at a bank in a small community. But, no one is (saying) 'Hey, what's going on with the stock?' They have all the perks of being a public company without responsibility."
First United Bank did not immediately respond to a request for comment.
Ahead of the bank's annual meeting earlier this year, Driver had also called for it to sell itself. Driver had a much smaller stake in First United at that time. It is now the bank's third largest shareholder with a more than 5% stake.
Driver has had meetings with First United's board over the past several months but found it was not receptive to its suggestions, according to the letter. The investor thinks the bank's shares, now trading around $21, could fetch $26 to $33 in a sale, according to the letter.
Cooper said in the interview that without significant changes to its business, First United was unlikely to reach that valuation absent a sale.
The activist is urging that First United hire financial advisers to help the bank find a buyer. (Reporting by Jessica DiNapoli in New York; Editing by Tom Brown)