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BOSTON (Reuters) - Activist investment firm Driver Management, which specializes in pushing small banks to improve their financial returns, has found a new target and is now urging Codorus Valley Bankcorp Inc to consider letting itself be bought, two sources familiar with the matter said on Tuesday.
Driver Management, founded two years ago by former investment banker Abbott Cooper, owns a 6% stake in Codorus, a bank holding company, and is expected to make a regulatory filing disclosing its stake and some of its intentions soon, the sources said.
Codorus, which is headquartered in York, Pennsylvania, is valued at $202 million and specializes in providing banking services through its subsidiary PeoplesBank in south central Pennsylvania and northern Maryland. Its share price has climbed 21% this year and traded at $20.20 on Tuesday.