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Activist investors thrive when the banking industry is in consolidation mode. Last year, overall M&A started to gain momentum, and several deals involved banks that had been pressured by large, vocal shareholders. The following is a list of deals where sellers had their hands forced by dissident investors.
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Alliance Bancorp of Pennsylvania

In February, Alliance, based in Broomall, Pa., reached a truce with PL Capital that allowed the activist investor to add a representative to the company's board. In October, WSFS Financial in Wilmington, Del., announced it would buy Alliance for $92 million in cash and stock.
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Astoria Financial

Astoria agreed to sell itself to New York Community Bancorp for $2 billion shortly after Basswood Capital Management went public with an effort to press the Lake Success, N.Y., company to boost shareholder value. Basswood had also been seeking a board seat at Astoria.
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Cardinal Bankshares

The Floyd, Va., company ousted its chief executive in 2012 after investor Doug Schaller (pictured) led a revolt. Another CEO was shown the door two years later. In November, Cardinal agreed to merge with Grayson Bankshares in Independence, Va., in a deal that will create a new company called Parkway Acquisition.
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Cheviot Financial

Cheviot resolved a dispute with Seidman Group in 2014 that let the investor put a director on the Cincinnati company's board. In return, Seidman agreed to back Cheviot's board nominees, cap its stake and refrain from pushing for a sale. Still, Cheviot in November agreed to sell itself to MainSource Financial in Greensburg, Ind., for $107 million.
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Fairmount Bancorp

The Baltimore company, which had been facing pressure from activist investor Joseph Stilwell (pictured), sold itself in September to Hamilton Bancorp in Towson, Md., in April. Just a few months earlier, Stilwell had vowed to pursue a board seat at Fairmount.
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Harvard Illinois Bancorp

The Illinois company defeated Stilwell in three straight proxy battles before exposure to a fraud scheme forced it to wind down operations by agreeing to sell its bank to Wonder Bancorp in Wonder Lake, Ill. During a past proxy battle, Stilwell sent shareholders a picture of a former Harvard Illinois chairman napping at an annual meeting in an effort to win votes.
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Metro Bancorp

The Harrisburg, Pa., company had been facing pressure from investors such as Basswood, Clover Partners and PL Capital to improve returns or find a buyer. Metro sold itself in August to F.N.B. Corp. in Pittsburgh, which also bought activist-challenged OBA Financial Services.
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Naugatuck Valley Financial

The Naugatuck, Conn., company in late 2014 added a pair of directors with ties to activist investors. Less than a year later, the company agreed to sell itself to Liberty Bank in Middletown, Conn. The deal closed in mid-January.
M&A
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