Delanco Bancorp in New Jersey has reached a truce with an activist investor with a reputation for pushing banks to become sellers.
The $130 million-asset company disclosed in a regulatory filing Wednesday that it will appoint Corissa Briglia, a representative of Stilwell Group in New York, to join its board. Stilwell Group, led by Joseph Stilwell, owns 9.8% of Delanco’s common stock.
Briglia’s initial term will run through Delanco’s 2018 annual meeting.
Stilwell Group, in return, agreed to support Delanco’s board nominees. It will also refrain from buying additional Delanco shares, filing litigation against the company or pressing for a sale, among other things.