Triad Business Bank presses rival proposal for M&F Bancorp

Triad Business Bank responded to M&F Bancorp's October 19 announcement that it has adjourned its shareholder meeting to November 4, will describe Triad's proposal in a proxy supplement and has chosen not to engage with Triad. A Triad director criticized M&F's existing agreement, which states M&F Bank will cease to be an independent bank at closing.

Why it matters: The standoff injects contested-bid drama into M&F's pending agreement, under which M&F Bank would cease to be independent.