By STEVEN T. DENNIS
Amendments to F&M Bancorp's charter that were opposed by some shareholders in Hagerstown passed easily on Tuesday.
Bank officials said the amendments bring the bank's charter up to date but opponents say the amendments are an abuse of shareholders' rights and are designed to prevent takeovers that could benefit shareholders.
"We may have lost the skirmish but we haven't lost the battle," said Jack Hershey, senior vice president emeritus of Ferris Baker Watts in Hagerstown.
Hershey said if he didn't see marked improvement in financial performance over the next year he and other shareholders might nominate a new board of directors.