Bank Mutual in Milwaukee has agreed to support an activist investor's nominee to its board.
Mike Shafir, an analyst at Clover Partners, will be nominated to the board of the $2.5 billion-asset Bank Mutual as its annual meeting in May. Clover agreed to drop its plan to nominate a slate of directors to Bank Mutual's board, and said it won't oppose Bank Mutual's nominees.
Bank Mutual will expand its board to 10 members from nine to add Shafir.
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Bank Mutual in Milwaukee is facing a proxy battle with the activist investor Clover Partners.
January 25 -
The $2.5 billion-asset company will freeze pension benefits for the 10% of its workforce that still receive a pension.
December 4 -
The $3.4 billion-asset holding company for Five Star Bank received a letter on Wednesday from Clover Partners' managing director, Johnny Guerry, saying management has made the wrong decision on two recent deals. Clover owns about 5.2% of Financial Institutions.
December 17 -
A rush of bank M&A is welcome news to activist investors, who typically make money when banks make improvements and sell to bigger institutions. Here is a look at six firms that have stood out in recent years for pressuring management teams and boards to enhance value for shareholders.
January 31
Clover owns a 4.1% stake in Bank Mutual. Clover last month urged the $3.4 billion-asset Financial Institutions in Warsaw, N.Y., to explore a sale.