MB Bancorp in Forest Hill, Md., is expanding the size of its board after agreeing to a truce with two large investors.
The $138 million-asset company disclosed in a regulatory filing Wednesday that Corissa Briglia, a representative of activist investor Stilwell Group, and Jeffrey Thorp will become directors. Stilwell owns 9.5% of MB's stock, while Thorp holds about 9.3%.
In return, Stilwell and Thorp will not oppose any of the board's recommendations or proposals. They also agreed to refrain from launching any proxy battles over board seats or shareholder proposals.
Thorp and Briglia will join the board in late March.
Banks often sell shortly after Briglia joins the board, including Colonial Financial Services, Fraternity Community Bancorp, Delanco Bancorp and Sunshine Financial.
MB raised $21 million in late 2014 when it converted from a mutual.