On, November 29, 2021, Frank Kavanaugh announced that, he leads a group that controls more than 25% of the outstanding shares of Friendly Hills Bancorp, indicated in a letter released Monday that he would soon be sending proxy materials to the $315 million-asset company's shareholders. Further, Frank Kavanaugh in his letter claimed that Friendly Hills management team, chaired by William Greenbeck, is overpaid, underperforming and has proved unable to create value for shareholders. in addition, Kavanaugh called for the election of new independent directors who will advocate for shareholder rights and interests in his view any change must start by refreshing the Board with the addition of new, independent members who understand the bank, its history and its mission, and who are committed to make Friendly Hills responsive to its stakeholders.