At bottom, there are additional documents, but they seem unlinked (and yet visually indicate they should be links?). The SEC filing icon ( ) opens up the set of docs and one can read the Schedule A “Activist History”… which is an up to date summary of:
things Stilwell already has done,
… is doing,
… and is threatening to do.
This is like reading multiple financial soap operas, and I highly recommend you take the time to smile and grin at his recounting of what they are working on. When he’s “mad”, he really goes for the throat of little bankers with boards of directors made of neighbors, friends, and family rubberstamping sub-mediocre management!
His (long) document lists a string of activist events, and quite often asking for a board seat prompts a sale just before the Annual meeting, as an example. These look interesting, below:
excerpts:
IF Bancorp, Inc. (“IROQ”) – We filed our original Schedule 13D reporting our position on March 5, 2012. We urged management and the board to maximize shareholder value through share repurchases. We believe IROQ acted in good faith to do so and, in our estimation, IROQ’s market price increased to reflect fair value. On September 24, 2019, we disclosed that we sold shares in the open market and had decreased our holdings below 5%. We purchased shares and again filed a Schedule 13D reporting our position on September 18, 2023. On May 28, 2024, we submitted a shareholder proposal under Rule 14a-8 calling for the sale of IROQ. The proposal was approved by stockholders at IROQ’s 2024 annual meeting of stockholders. If the proposal does not lead to IROQ’s prompt sale, we intend to seek board representation at IROQ. (See also category VII of this Schedule A).
TBV of IROQ ~$24.44/sh
$IROQ close 12/20/24: $23.30/sh
Yield 1.72%
Central Plains Bancshares, Inc. (“CPBI”) – We filed our original Schedule 13D reporting our position on November 5, 2024. We hope to work with management and the board to maximize shareholder value.
TBV of $CPBI ~$19.76/sh
$CPBI close 12/20/24: $15.17/sh
Yield (nil)
$PFBX, Peoples Financial Corporation; Stilwell is suing the Board of Directors for $50M (in a $90M cap bank)! A ~year+ ago, he demanded the Bank sue the Board of Directors for breach of fiduciary duties.
On October 17, 2024, the Court denied PFBX’s directors’ motion to dismiss and allowed discovery to move forward. We are seeking in excess of $50 million in restitution to PFBX from PFBX’s directors.
$PFBX: $19.50/sh on 12/20/24
TBV: $20.57/sh as of September 2024.
Yield: 1.85%
Plenty more to read, but I searched on “2024” in the text to bring me to the most recent actions and updates throughout the text.
Merry Christmas, guys. I’ll be in Disney World, because I have a kid working down there right now, in the Disney Student Program. ( )
I don’t know that I want to touch this one with my money, but I love reading it:
Silvergate Capital Corporation (“SICP”) – On December 18, 2023, we served a shareholder records inspection demand pursuant to California law on SICP, a Maryland corporation with its principal place of business in California. When SICP refused to produce the documents to which we were entitled, we filed suit in the Superior Court of California (San Diego County) seeking to enforce our inspection rights. On August 9, 2024, the Court ordered SICP to produce the records we sought in our demand.
On February 16, 2024, we filed suit in Maryland Circuit Court seeking to compel SICP to hold an annual meeting following SICP’s failure to hold an annual meeting in 2023. After a May 23, 2024 hearing, the Circuit Court granted our petition and ordered SICP to hold an annual meeting by September 27, 2024. SICP appealed the decision. On September 6, 2024, the Circuit Court denied SICP’s motion to stay the order to hold an annual meeting pending SICP’s appeal, and on September 18, 2024, the Appellate Court denied without prejudice SICP’s motion to stay the Circuit Court’s order pending appeal. On September 17, 2024, SICP mailed proxy materials and notice to shareholders of its annual meeting to be held on September 27, 2024, in La Jolla, California.
On September 17, 2024, SICP also filed for Chapter 11 bankruptcy protection in the Bankruptcy Court for the District of Delaware. On September 19, 2024, SICP moved the Bankruptcy Court for a temporary restraining order, seeking to enjoin the Maryland Circuit Court order compelling SICP to hold the annual meeting. Following its September 25, 2024 hearing, the Bankruptcy Court denied SICP’s request for a temporary restraining order, allowing the annual meeting to go forward on September 27, 2024.
On April 9, 2024, we served our notice of intent to nominate Joseph Stilwell for election as a director at SICP’s annual meeting. On September 27, 2024, Joseph Stilwell was elected to the board of directors at SICP’s annual meeting with an overwhelming majority of the votes cast. We intend to work to maximize value for all common shareholders at SICP.
SICP terminated its registration with the SEC on May 22, 2023.
Stilwell’s filings are a great resume of the things he’s working on.
In a related note, it will be interesting to see whether Seidman goes after BLFY again in 2025. They’re trading at a massive discount to TBV, and they’re just really a poorly run outfit. Stock is about where it was at the IPO in July 2021. They’ve even done some decent things such as a few buybacks. It could be a significant gainer if he can get some traction, but we’re not seeing it yet.
Have a good holiday in Florida. Probably hard to deal with all that good weather, though…
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