Two seek spots on First Niles board

Staff report

NILES

Two investors of First Niles Financial are seeking seats on its board of directors.

Lance Osborne and Steve Passov will seek the spots at the annual meeting for shareholders this Wednesday.

“We are out now soliciting proxies to try to get the support of the board,” said Osborne, chief executive officer of Osborne Capital Corp.

A proxy solicitation is an attempt to obtain the authorization of other members to vote on the solicitors’ behalf in an organizational ballot.

Osborne believes the performance under the current board is unacceptable, which is why he wants to be on the board.

“I really think shareholders deserve better,” he said.

First Niles Financial Inc., the holding company for Home Federal Savings and Loan Association of Niles, in February reported results for the three-month and one-year periods that ended December 31, 2015.

The company recorded net income of $40,000 for the quarter ending Dec. 31, 2015, compared with net income of $32,000 for the same quarter in 2014.

For the year that ended Dec. 31, 2015, the company recorded net income of $212,000 compared with net income of $225,000 for the year ending Dec. 31, 2014.

On April 19, Osborne Capital Corp. announced that ISS Proxy Advisory Services, an independent proxy advisory firm, has recommended shareholders of First Niles Financial Inc. vote for Osborne and not for the management nominees.