William A. Conway
Encyclopedia
William A. Conway.
William A. Conway was born in Newark, but resided for much of his life in Chatham, New Jersey
and Summit, New Jersey
.
William A. Conway's career was notable for the fact that he rose from Wall Street
messenger boy to CEO of Garden State National Bank
("Garden State"), but he is best remembered for his efforts working as an activist shareholder
of behalf of minority stockholders of Garden State during the late 1970s. As a dissident member of the board, his independent efforts to block a merger he viewed as unfair to certain minority shareholders is often compared to the shareholder rights efforts undertaken in recent years by certain hedge funds.
Conway attended the Pingry School
in Elizabeth, New Jersey
but did not graduate due to a bout with rheumatic fever that sidelined him for several months.
Though Conway never finished high school, he started work as an errand boy on Wall Street
and later began what turned out to be an illustrious banking career. Moving on to the Hudson County National Bank in Jersey City, New Jersey
, Conway rose from an entry-level clerk position, ultimately becoming president of the bank, leading it through a period of technological change and mergers.
In the case of the 1978 proposed merger between Garden State and National State Bank of Elizabeth, Garden State's majority investor, Warner Communications
, would have received a larger percentage of cash than the minority shareholders.
Originally supported by Warner Communications CEO Steve Ross (Time Warner CEO) and by Garden State's CEO, Charles A. Agemian
, who was also on the board of Warner Communications
, the transaction was ultimately defeated after Conway waged an independent effort via the Office of the Comptroller of the Currency
which ultimately blocked the merger by placing conditions on the merger application that Agemian viewed as unrealistic .
Following that failed transaction, Conway staged a successful proxy fight for a seat on the board of directors of Garden State. Garden State ultimately merged in 1980 with Fidelity Union Bancorporation of Newark (which later became part of Wachovia
).
He died on March 31, 2006, aged 95.
William A. Conway was born in Newark, but resided for much of his life in Chatham, New Jersey
Chatham, New Jersey
Chatham refers to two neighboring municipalities in Morris County, New Jersey – Chatham Borough and Chatham Township. The two are separate municipalities, the first a municipality that was settled in 1710 as a colonial English village in the Province of New Jersey...
and Summit, New Jersey
Summit, New Jersey
Summit is a city in Union County, New Jersey, United States. At the 2010 United States Census, the city's population was 21,457. Summit had the 16th-highest per capita income in the state as of the 2000 Census....
.
William A. Conway's career was notable for the fact that he rose from Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
messenger boy to CEO of Garden State National Bank
Garden State National Bank
Garden State National Bank was a mid-size commercial bank located in northern New Jersey that enjoyed success in the increasingly wealthy New Jersey suburbs of New York City during the 1970s. The significant media coverage it received during that period was more due to the various M&A transactions...
("Garden State"), but he is best remembered for his efforts working as an activist shareholder
Activist shareholder
An activist shareholder uses an equity stake in a corporation to put public pressure on its management. The goals of activist shareholders range from financial to non-financial...
of behalf of minority stockholders of Garden State during the late 1970s. As a dissident member of the board, his independent efforts to block a merger he viewed as unfair to certain minority shareholders is often compared to the shareholder rights efforts undertaken in recent years by certain hedge funds.
Conway attended the Pingry School
Pingry School
The Pingry School is a coeducational, independent, college preparatory country day school in New Jersey, with a Lower School campus in the Short Hills neighborhood of Millburn, and a Middle and Upper School campus in Martinsville. The school was founded in 1861 by Dr. John F. Pingry.Pingry's...
in Elizabeth, New Jersey
Elizabeth, New Jersey
Elizabeth is a city in Union County, New Jersey, United States. As of the 2010 United States Census, the city had a total population of 124,969, retaining its ranking as New Jersey's fourth largest city with an increase of 4,401 residents from its 2000 Census population of 120,568...
but did not graduate due to a bout with rheumatic fever that sidelined him for several months.
Though Conway never finished high school, he started work as an errand boy on Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
and later began what turned out to be an illustrious banking career. Moving on to the Hudson County National Bank in Jersey City, New Jersey
Jersey City, New Jersey
Jersey City is the seat of Hudson County, New Jersey, United States.Part of the New York metropolitan area, Jersey City lies between the Hudson River and Upper New York Bay across from Lower Manhattan and the Hackensack River and Newark Bay...
, Conway rose from an entry-level clerk position, ultimately becoming president of the bank, leading it through a period of technological change and mergers.
In the case of the 1978 proposed merger between Garden State and National State Bank of Elizabeth, Garden State's majority investor, Warner Communications
Warner Communications
Warner Communications or Warner Communications, Inc. was established in 1971 when Kinney National Company spun off its non-entertainment assets, due to a financial scandal over its parking operations and changed its name....
, would have received a larger percentage of cash than the minority shareholders.
Originally supported by Warner Communications CEO Steve Ross (Time Warner CEO) and by Garden State's CEO, Charles A. Agemian
Charles A. Agemian
Charles A. Agemian was a nationally known Armenian-American banker who took early retirement from Chase Manhattan Bank, where he was executive vice president of operations, to become chairman and chief executive officer of the Hackensack Trust Co., which later was renamed Garden State National...
, who was also on the board of Warner Communications
Warner Communications
Warner Communications or Warner Communications, Inc. was established in 1971 when Kinney National Company spun off its non-entertainment assets, due to a financial scandal over its parking operations and changed its name....
, the transaction was ultimately defeated after Conway waged an independent effort via the Office of the Comptroller of the Currency
Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency is a US federal agency established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States...
which ultimately blocked the merger by placing conditions on the merger application that Agemian viewed as unrealistic .
Following that failed transaction, Conway staged a successful proxy fight for a seat on the board of directors of Garden State. Garden State ultimately merged in 1980 with Fidelity Union Bancorporation of Newark (which later became part of Wachovia
Wachovia
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo in 2008, Wachovia was the fourth-largest bank holding company in the United States based on total assets...
).
He died on March 31, 2006, aged 95.