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News Breaks | | | | January 29, 2013 | | 06:17 EDT |  | ANCB | Stilwell says Anchor Bancorp should simplify balance sheet
Joseph Stilwell, owner of 9.7% of Anchor Bancorp's outstanding shares, said he filed an amendment to report that Stilwell Activist Fund became a member of the group through the purchase of 3,000 Anchor Bancorp shares on January 24. Stilwell stated, "We hope to work with management and the board of directors to maximize shareholder value and minimize risks at the Company. We support management’s focus on managing problem assets and reducing expenses. We believe management should simplify the balance sheet by naturally allowing asset size to shrink. We will encourage management and the board to pay dividends to shareholders and repurchase shares of outstanding Common Stock when permitted by applicable regulations, and will support them if they do so. We oppose expanding the franchise before management takes the steps necessary to earn a normalized return on equity. If the Company pursues any action that dilutes tangible book value per share, we will aggressively seek board representation." | |
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