Cheviot Financial in Cincinnati has agreed to add a director recommended by activist investor Seidman Group.
The $581 million-asset company disclosed in a regulatory filing last week that it will add J. David Rosenberg to its board with a term that will expire at the annual shareholder meeting in February 2016.
Siedman Group, in exchange, agreed to support Cheviot's board nominees and cap its stake in the company at 9.9%. The group will also refrain from pushing Cheviot to sell itself or recapitalize.
Seidman Group is led by veteran bank investor Lawrence Seidman. The group recently reached a similar truce with Prudential Bancorp in Philadelphia.