Activist investor Jerome Davis is cashing out of an Iowa thrift, slightly more than a month after backing away from his recommendation that it find a buyer.

The Greenwich, Conn., shareholder in late May sold more than 81,000 shares at $8.85 per share, totaling $719,000. The move, disclosed in a June 13 Securities and Exchange Commission filing, cuts his stake in Newton- based Mid-Iowa Financial Corp. to 0.69% of the shares outstanding, from 5.38%.

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