For the second year in a row, Harvard Illinois Bancorp and its management have prevailed in a proxy battle with activist investor Joseph Stilwell.
The $170 million-asset company disclosed in a regulatory filing Thursday that Mark Saladin, Stilwell's nominee for the board, fell 140,033 votes shy of unseating an incumbent director. The meeting was held on May 23.
Stilwell has spent recent years pressuring Harvard Illinois to sell itself. He has also sought to replace David Seyller, the company's president and chief executive.
Harvard Illinois' nominees were Michael Feeney, William Schack and Steven Garrels.