Clinton Group issued letter asking First NBC to replace current CEO
Clinton Group, a stockholder of First NBC Bank Holding, issued an open letter to the board of directors of First NBC. Clinton Group has proposed that the First NBC Board replace the current CEO as soon as practicable. Letter began: "In my letter of November 9, 2016, I encouraged First NBC Bank to be as transparent as possible about its plans, its business model and its path forward. As this has not happened yet the market continues to trade on rumor, innuendo and unfounded speculation. Moreover, while I am sure that you are all working diligently to a resolution of the bank's issues, the apparent inaction of the management and board and lack of publicly disclosed steps towards a brighter future has led me to contemplate the fitness of the current management and board for the task at hand."