Anchor Bancorp Announces Appointment of New Director and Agreement With the Stilwell Group
02 September 2016 - 2:10AM
Anchor Bancorp (NASDAQ:ANCB) (“Company” or “Anchor”) announced
today that it and Anchor Bank (“Bank”), its financial institution
subsidiary, have entered into an agreement with the Stilwell Group,
and certain affiliates, pursuant to which the Company and the Bank
will appoint Mr. Gordon Stephenson as a director to their
respective Boards of Directors. Under the terms of the
agreement, Mr. Stephenson will be appointed to the Strategic
Planning Committee of the Company’s Board of Directors.
Gordon Stephenson is the co-founder and CEO of
Real Property Associates, a 25 year old full service real estate
brokerage and property management company based in Seattle,
Washington. He is an original and current member of Zillow
Group’s Board of Directors (NASDAQ:Z), and an advisor to several
early stage companies, including Realty Mogul and Democracy
Live. Gordon is a past board member of Seattle’s Union Gospel
Mission. He holds an AB in Economics from Stanford
University.
Bob Ruecker, Chairman of the Board of the
Company, stated: "We welcome Mr. Stephenson to the Boards of
Directors and are pleased to have a director with his knowledge and
breadth of experience join the Boards of the Company and the Bank
and look forward to working with him to build shareholder
value."
Regarding his appointment, Mr. Stephenson said,
"I am pleased to join the Anchor Boards. I am looking forward to
the opportunity to work with fellow board members and management to
help the Company realize its business potential."
In consideration of Mr. Stephenson’s
appointment, the Stilwell Group has agreed not to, among other
things, acquire any additional shares of the Company, or right to
vote or direct the voting of any additional shares; sell or
transfer any shares of the Company owned by the Stilwell Group to
any person who, after such acquisition, would own more than 5% of
the Company’s outstanding common stock; propose or seek to effect a
merger or sale of the Company; publicly suggest or announce
its willingness to engage in the sale of the Company; initiate or
encourage another person, who is, or has, contemplated the sale of
the Company; solicit proxies in opposition to any recommendations
or proposals of the Company’s Board of Directors; establish or join
any group for the purpose of voting, acquiring, holding or
disposing of the Company’s common stock; or initiate, propose, or
otherwise solicit the Company’s shareholders for the approval of a
shareholder proposal, including the election of a shareholder’s
representative on the Company’s Board of Directors; oppose any
proposal or director nomination submitted by the Board of Directors
to the Company’s shareholders; vote for any nominee to the
Company’s Board of Directors other than those nominated or
supported by the Board of Directors; initiate litigation against
the Company; or advise, assist or finance any person for the
purpose of circumventing the terms of the agreement. The
Stilwell Group has also agreed not to disparage the Company, the
Bank or any of their directors, officers or employees. The
agreement continues until March 1, 2017.
About the CompanyAnchor Bancorp is
headquartered in Lacey, Washington and is the parent company of
Anchor Bank, a community-based savings bank primarily serving
Western Washington through its 10 full-service banking offices
(including one Wal-Mart in-store location) within Grays Harbor,
Thurston, Lewis, Pierce and Mason counties, and one loan production
office located in King county, Washington. The Company's common
stock is traded on the NASDAQ Global Market under the symbol "ANCB"
and is included in the Russell 2000 Index. For more information,
visit the Company's web site www.anchornetbank.com.
Forward-Looking Statements:Certain matters discussed in this
press release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements relate to, among other things,
expectations of the business environment in which we operate,
projections of future performance, perceived opportunities in the
market, potential future credit experience, and statements
regarding our mission and vision. These forward-looking statements
are based upon current management expectations and may, therefore,
involve risks and uncertainties. Our actual results, performance,
or achievements may differ materially from those suggested,
expressed, or implied by forward-looking statements as a result of
a wide variety or range of factors including, but not limited to:
the exploration of strategic alternatives and related
transactions or actions, increased competitive pressures; changes
in the interest rate environment; changes in general economic
conditions and conditions within the securities markets;
legislative and regulatory changes; and other factors
described in the Company’s latest annual Report on Form 10-K and
Quarterly Reports on Form 10-Q and other filings with the
Securities and Exchange Commission-which are available on our
website at www.anchornetbank.com and on the SEC’s website at
www.sec.gov.
Any of the forward-looking statements that we
make in this Press Release and in the other public statements we
make may turn out to be wrong because of the inaccurate assumptions
we might make, because of the factors illustrated above or because
of other factors that we cannot foresee. Because of these and other
uncertainties, our actual future results may be materially
different from those expressed or implied in any forward-looking
statements made by or on our behalf and the Company's operating and
stock price performance may be negatively affected. Therefore,
these factors should be considered in evaluating the
forward-looking statements, and undue reliance should not be placed
on such statements. We do not undertake and specifically disclaim
any obligation to revise any forward-looking statements to reflect
the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements. These risks
could cause our actual results for fiscal 2017 and beyond to differ
materially from those expressed in any forward-looking statements
by, or on behalf of us, and could negatively affect the Company’s
operations and stock price performance.
Contact:
Jerald L. Shaw, President and Chief Executive Officer
Terri L. Degner, EVP and Chief Financial Officer
Anchor Bancorp
(360) 491-2250
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