Anchor Bancorp in Lacey, Wash., has agreed to name a new board member in exchange for a truce with an activist investor.

The $419 million-asset Anchor said in a press release Thursday that it will add Gordon Stephenson to its board after reaching an agreement with Stilwell Group, a New York investment firm. Stephenson, who will join the board's strategic planning committee, is co-founder and chief executive of Real Property Associates, a real estate brokerage and property management firm in Seattle.

Stephenson also serves on the board of Zillow Group.

Stilwell Group, which has been pressing Anchor to sell itself, agreed to stop increasing its stake in the company. The firm, which also agreed to avoid making public demands for Anchor's sale, will not solicit proxies in opposition to recommendations made by the company's board, among other things.

The agreement is set to expire on March 1.

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