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At Converted CU, Dissidents Get CEO Tossed From Board

Dissident shareholders in former credit union Synergy Financial announced last week they had come aftered in getting two of the ex-credit union's long-time directors, who had been attacked as "greedy" by means of an investor group, including CEO John Fiore, vot not upon the board.

As a flow of the rare boardroom coup-CEO are rarely ousted as directors-two representatives of PL Capital, the credit union-convert's largest shareholders, will be seated upon the nine-member board.

Officials at Synergy Financial would not remark last week.

PL Capital, which possesss a 9.8% stake in the former credit union, has been waging a heated [i]locum tenens[/i] contest over the past sum of two units months for board representation, claiming the incumbent board has used company profits to enrich themselves and top management at the charge of outside investors.

The investment firm, which has waged similar substitute contests at other small thrifts, claims that


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