M.A. Schapiro Inc. said in a filing at the Securities & Exchange Commission that it has notified the parent company of City Bank of its proposals.
The banking company is reviewing Schapiro's proposals, which have not been made public, said Wayne Miyao, CB Bancshares' senior vice president.
The local company also is still watching the results of its own cost-cutting program, announced in late January, which includes cutting payroll costs by helping staffers at all levels to leave the company.
"We're still in phase one and will not have the results until May 3," Miyao said Monday.
In its own disclosures to the SEC, CB Bancshares has detailed a Phase Two, to go into effect if the first cost-cutting effort doesn't work. It calls for layoffs, and a 10 percent cut in executive salaries.
Miyao said that won't be considered until the results of Phase One are clear.
Phase One is aimed at cutting the annual payroll by $1 million and eliminating another $250,000 in annual employee benefits.
CB Bancshares' profit in 1995, $8.3 million, was 25 percent below the 1994 profit of $11.1 million.
Schapiro's nominees for directorships are William Griffin, a fund manager and former Hartford Fire Insurance chairman, and Clifton Whiteman, a New York consultant and former executive vice president of Bank of Tokyo Trust Co.