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February 24, 2014
06:26 EDTPBSKStilwell says Poage should be sold to 'maximize shareholder value'
Stilwell Value Partners, which owns a 9.5% stake in Poage Bankshares, said in a regulatory filing, "We are filing this Seventh Amendment to announce that we have taken the steps necessary to nominate an individual for election as a director at the Issuer's 2014 annual meeting of stockholders. We have lost confidence in the board and management and believe the Issuer should be sold to maximize shareholder value...In our view, the Issuer's recent decision to buy another bank at a premium to tangible book value instead of repurchasing its own shares at a substantial discount to tangible book value was foolish, misguided and shows that the current board is not focused on maximizing shareholder value. We intend to seek board representation with the goal of maximizing shareholder value."
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