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Harvard Illinois Bancorp wants to name the son of a retiring director to replace him. It says the son is qualified for the job, but investor Joseph Stilwell -- who is backing another nominee to the board -- disagrees.
April 24 -
Joseph Stilwell used a photo of the then-chairman of Harvard Illinois snoozing at last year's annual meeting as part of his fight for representation on the board. Harvard's board accused Stilwell of waging his battle "in the gutter."
April 14 -
For the second year in a row, Harvard Illinois Bancorp and its management have prevailed in a proxy battle with activist investor Joseph Stilwell.
May 30 -
Harvard Illinois Bancorp's management and board have prevailed in their proxy battle with an activist investor.
May 24
Harvard Illinois Bancorp (HARI) has extended its string of victories against activist investor Joseph Stilwell.
For the third consecutive year, the $167 million-asset company succeeded in defeating Stilwell's efforts to gain a seat on its board. Brian Rebhorn, Harvard Illinois' nominee, beat out Mark Saladin, Stilwell's choice for the seat, by nearly 150,000 votes at the company's annual meeting Thursday.
The bank's shareholders also voted to approve an executive pay plan and to appoint of BKD, LLP, as auditor.
This year's contest was unusually contentious. In April, Stilwell sent his fellow stockholders a
Stilwell
Harvard Illinois responded that Rebhorn's knowledge of the agricultural industry would be a valuable resource for the board. Saladin, Stilwell's nominee, is a lawyer at Zanck, Coen, Wright & Saladin.
Stilwell has argued that Harvard Illinois has performed poorly while overpaying its management and that it should seek a buyer. It earned $234,000 in the first quarter this year, up 47% from the same period in 2013.