Fort Lauderdale-based hedge fund HoldCo Asset Management is threatening a proxy battle at Columbia Bank unless management agrees to shareholder-friendly actions, marking the latest escalation in the fund’s campaign against underperforming US regional banks.
HoldCo, run by Vik Ghei and Misha Zaitzeff, holds roughly 1.9% of Columbia Bank’s voting shares and is pushing the lender to commit to share buybacks, halt acquisitions, and consider a strategic sale if shareholder returns cannot be improved. The fund has previously influenced the $10.9bn sale of Comerica to Fifth Third and launched campaigns against Eastern Bank and First Interstate Bank.
Ghei and Zaitzeff argue that CEOs at many regional banks prioritise deal-driven growth and personal pay over shareholder value. By publicly challenging management and threatening board changes, HoldCo aims to enforce accountability in a sector largely insulated from activism since the 2008 financial crisis.
The fund manages $2.6bn and now holds over $1bn across regional bank shares, positioning itself as a rising force in US banking activism.
