Solera announces dispute over board membership

LAKEWOOD – Solera National Bancorp Inc., the holding company for Solera National Bank, today announced that it has received two different notices recommending proxy contests for the company’s board.

Shareholder Michael Quagliano submitted a notice that he intends to nominate seven people, including himself, for election as directors at Solera’s annual meeting, to be held May 22 in Denver.

Solera also received a notice from a former company executive, Kathleen Stout, that she intends to nominate eight people to the company’s board at the annual meeting. Stout was terminated from her position in December, and in the notice indicated that she would like to be rehired for her former position.
Solera President John Carmichael was not immediately available for comment, nor were Quagliano or Stout.

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The board decided not to recommend the people in either notice for nomination, but instead decided to nominate for re-election 11 of the current 13 board members.

Solera has a mortgage origination office in Boulder. The holding company is traded over-the-counter (OTCQB:SLRK).