Oklahoma business briefs: Dec. 4, 2012

Oklahoma business briefs: Dec. 4, 2012
Published: December 4, 2012
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Oklahoma briefs

FNB head announces successor

First National Bank Chairman and President Robert H. Croak announced that his son, William H. Croak, will assume presidency of the bank and become vice chairman of the board on Jan. 1. Robert Croak will continue to serve as board chairman and remain involved in the bank's daily activities. “To date, three generations have successfully managed FNB, and with six grandchildren, I see that continuing well into the future,” Robert Croak said. He also announced the promotion of his son, John H. Croak, to executive vice president and vice chairman of the board.

SandRidge sets date for decision

SandRidge Energy Inc. has set Dec. 13 as the deadline to determine which of its shareholders are entitled to vote on an investment firm's push for a leadership change at the Oklahoma City-based oil company. TPG-Axon Capital, one of SandRidge's largest shareholders, wants to amend the company's bylaws to make it easier to change the makeup of the board. TPG-Axon CEO Dinakar Singh wants the company to consider a possible sale to bolster shareholder value, noting SandRidge's stock price has plummeted since its initial public offering in 2007. Singh wrote two letters to SandRidge's board last month to express his concerns about the company.