Harvard Illinois Bancorp shareholders have approved an agreement to sell the company, a big step toward a plan to wind down operations.

At the $161 million-asset company's Aug. 27 annual meeting, shareholders voted in favor of an acquisition by the $169 million-asset Wonder Bancorp in Wonder Lake, Ill.

The company had been facing pressure from activist investor Joseph Stilwell to sell itself, and had also recently dealt with exposure to a fraud scheme tied to certain investments.

A representative from the Stilwell Group declined to comment on the shareholder vote.

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