Activist investor Joseph Stilwell is threatening to fight yet another proxy battle against Harvard Illinois Bancorp.
Stilwell said in a recent regulatory filing that he wants the $171 million asset company, which was recently the victim of an alleged fraud scheme, to "quickly" sell itself. The investor, who owns nearly 10% of Harvard Illinois' stock, said he would "seek board representation at the upcoming annual meeting and may pursue further actions."
Stilwell has failed on three occasions to put a director on Harvard Illinois' board. Earlier this year, Stilwell sent fellow shareholders a photograph of the company's former chairman sleeping during the 2013 annual meeting, while urging a vote for change.
The activist has made similar filings against other bank holding companies, including Naugatuck Valley Financial. That company didn't sell, though it agreed in November to add one of Stilwell's representatives to its board.
Harvard Illinois hired investment bank, Sterne, Agee & Leach last month to help it "evaluate strategic alternatives after the company took a 47% loss on an $18.1 million investment backed by an allegedly fraudulent loan from First Farmer's Financial in Florida.