Sunshine Financial in Tallahassee, Fla., has agreed to name a new board member in exchange for a truce with an activist investor.
The $152 million-asset company has named Corissa Brigli a director, it said in a news release Monday. Sunshine expanded its board by one seat to add Brigli. Sunshine will also appoint Brigli to the board of Sunshine Savings Bank, after approval of its
Brigli was nominated by Joseph Stilwell, a New York activist investor who owns a 9.4% stake in Sunshine. Stilwell last year demanded Sunshine increase its rate of stock buybacks, according to a regulatory filing. In exchange for Sunshine's appointment of Briglia, Stilwell agreed to refrain from opposing management proxy proposals, seeking a sale of the company or attempting to place additional directors on the board.
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Sunshine Financial in Tallahassee, Fla., has asked for permission to switch to a state bank charter from a federal thrift charter.
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Brigli is employed by Stilwell's firm, the Stilwell Group, to evaluate and monitor its investments in community banks.
Sunshine last year