"After careful consideration, including consultation with financial and legal advisors, the board has unanimously concluded that the proposal that you seek to undertake would not be in the best interests of our shareholders," PFF Bancorp Chief Executive Kevin McCarthy said in a letter to the chairman of FBOP Corporation, which made the application to the Fed.
"Accordingly, we respectfully request that FBOP promptly withdraw its application," McCarthy said in the letter to FBOP Chairman Michael Kelly.
If the application is not withdrawn before the end of the public comment period, PFF Bancorp intends to file a protest with the Federal Reserve, he said. The letter was disclosed in a filing to the U.S. Securities and Exchange Commission.
FBOP Corporation, based in Illinois, is a privately held holding company with stakes in several small banks.
Shares of PFF Bancorp, which provides financing and consulting services to home builders and land owners, closed up $1.13, or 9.5 percent, at $13.08 on the New York Stock Exchange.
(Reporting by Muralikumar Anantharaman, editing by Richard Chang)
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source: reuters.com
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