Anchor Bancorp (ANCB) in Lacey, Wash., is facing pressure from an activist investor to sell itself.

Joel Lawson 4th, who has a 5.1% stake in Anchor, said in a regulatory filing late last week that he plans to submit a proposal at the $391 million-asset company's annual meeting that is "likely to recommend" that the board consider hiring an investment bank to find potential acquirers.

Anchor also counts Stilwell Group among its investors, though the New York firm has had a more benign relationship with the company. Stilwell, which disclosed a 9.9% stake in December, has expressed a willingness to work with management and directors to maximize shareholder value and minimize risks at the company.

"We support management's focus on managing problem assets and reducing expenses," Stilwell said in its regulatory filing. "We believe management should simplify the balance sheet by naturally allowing asset size to shrink. We have encouraged management and the board to pay dividends to shareholders and repurchase shares … and will support them if they do so."

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