Over 40 years of investment experience

Over 25 years of shareholder activism in undervalued financial companies

Since 2000, members or affiliates of The Stilwell Group have taken an activist position
in the following 80 publicly-traded companies.* In each instance, our purpose has been to profit
from the appreciation in the market price of the shares we held by asserting shareholder rights.
In addition, we believed that the values of the companies’ assets were not adequately reflected
in the market prices of their shares.

Over 40 years of investment experience

Over 25 years of shareholder activism in undervalued financial companies

Since 2000, members or affiliates of The Stilwell Group have taken an activist position
in the following 80 publicly-traded companies.* In each instance, our purpose has been to profit
from the appreciation in the market price of the shares we held by asserting shareholder rights.
In addition, we believed that the values of the companies’ assets were not adequately reflected
in the market prices of their shares.

Activist Campaign Letters
BENEFICIAL OWNERSHIP REPORTS
PROXY MATERIALS
Activist Campaign Letters
BENEFICIAL OWNERSHIP REPORTS
PROXY MATERIALS
After we asserted shareholder rights, the following issuers were sold or merged:

Security of Pennsylvania Financial Corp. (SPN)  

Cameron Financial Corporation (Cameron)  

Community Financial Corp. (CFIC)  

Montgomery Financial Corporation (Montgomery)  

Community Bancshares, Inc. (COMB)  

Jefferson Bancshares, Inc. (JFBI)  

FedFirst Financial Corporation (FFCO)  

SP Bancorp, Inc. (SPBC)  

TF Financial Corporation (THRD)  

Fairmount Bancorp, Inc. (FMTB)  

Harvard Illinois Bancorp, Inc. (HARI)  

Eureka Financial Corp. (EKFC)  

United-American Savings Bank (UASB)  

Polonia Bancorp, Inc. (PBCP)  

Georgetown Bancorp, Inc. (GTWN)  

Wolverine Bancorp, Inc. (WBKC)  

First Federal of Northern Michigan Bancorp, Inc. (FFNM)  

Jacksonville Bancorp, Inc. (JXSB)  

Anchor Bancorp (ANCB)  

Hamilton Bancorp, Inc. (HBK)  

Ben Franklin Financial, Inc. (BFFI)  

Alcentra Capital Corp (ABDC)  

First Advantage Bancorp (FABK)  

Central Federal Bancshares, Inc. (CFDB)  

Carroll Bancorp, Inc. (CROL)  

Brunswick Bancorp (BRBW)  

ICC Holdings, Inc. (ICCH)  

Seneca-Cayuga Bancorp, Inc. (SCAY) / Generations Bancorp NY, Inc. (GBNY)  

After we successfully seated directors on the boards of the following issuers, the issuers were sold or merged:

Oregon Trail Financial Corp. (OTFC)  

HCB Bancshares, Inc. (HCBB)  

SCPIE Holdings Inc. (SKP)  

American Physicians Capital, Inc. (ACAP)  

Colonial Financial Services, Inc. (COBK)  

Naugatuck Valley Financial Corporation (NVSL)

Fraternity Community Bancorp, Inc. (FRTR)  

Sunshine Financial, Inc. (SSNF)  

Delanco Bancorp, Inc. (DLNO)  

Poage Bankshares, Inc. (PBSK)  

HopFed Bancorp, Inc. (HFBC)  

MB Bancorp, Inc. (MBCQ)  

Provident Bancorp, Inc. (PVBC)  

IF Bancorp, Inc. (IROQ)  

Ottawa Bancorp, Inc. (OTTW) 

After we asserted shareholder rights, we believe the following issuers took steps to maximize shareholder value, and we subsequently exited our activist positions:

 FPIC Insurance Group, Inc. (FPIC)  

Roma Financial Corp. (ROMA)  

First Savings Financial Group, Inc. (FSFG)  

Prudential Bancorp, Inc. of Pennsylvania (PBIP)  

United Insurance Holdings Corp. (UIHC)  

Home Federal Bancorp, Inc. of Louisiana (HFBL)

Standard Financial Corp. (STND)

Alliance Bancorp, Inc. of Pennsylvania (ALLB)  

ASB Bancorp, Inc. (ASBB)  

United Community Bancorp (UCBA)  

West End Indiana Bancshares, Inc. (WEIN)  

William Penn Bancorp, Inc. (WMPN)  

First Financial Northwest, Inc. (FFNW)  

Alamogordo Financial Corp. (ALMG)  

Malvern Bancorp, Inc. (MLVF)  

FSB Community Bankshares, Inc. (FSBC)

Pinnacle Bancshares, Inc. (PCLB) 

Sugar Creek Financial Corp. (SUGR)  

Provident Financial Holdings, Inc. (PROV)  

West Town Bancorp, Inc. (WTWB)  

IF Bancorp, Inc. (IROQ)  

NorthEast Community Bancorp, Inc. (NECB)  

Parkway Acquisition Corp. (PKKW)  

Wayne Savings Bancshares, Inc. (WAYN)  

Cincinnati Bancorp, Inc. (CNNB)

After seeking board representation, we successfully seated directors who currently serve on the board of the following issuers:

Kingsway Financial Services Inc. (KFS) 

Sound Financial, Inc. (SNFL) / Sound Financial Bancorp, Inc. (SFBC)  

Wheeler Real Estate Investment Trust, Inc. (WHLR)   

Silvergate Capital Corporation (SICP)  

CIB Marine Bancshares, Inc. (CIBH)

Lake Shore Bancorp, Inc. (LSBK)  

Central Plains Bancshares, Inc. (CPBI)  

We exited the following activist position without maximizing shareholder value:

Garrison Capital, Inc. (GARS)

We hope to work with management and the boards of the following issuers:

U & I Financial Corp. (UNIF)  

URSB Bancorp, Inc. (URSB) 

CSB Financial Inc. (CSBA) 

We intend to gain board representation and work to maximize shareholder value at the following issuers:

Peoples Financial Corporation (PFBX)  

Catalyst Bancorp, Inc. (CLST)

To read more about The Stilwell Group’s Activist History, click here

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Viejo San Juan, Puerto Rico

200 Calle del Santo Cristo
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(787) 985-2193

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New York, NY 10006

(212) 269-2005

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Stilwell Value LLC (“Stilwell”), the general partner of the Stilwell Activist Funds, is a registered investment adviser with offices in New York, New York and San Juan, Puerto Rico. Registration with the U.S. Securities and Exchange Commission does not imply a certain level of skill or training. There is no guarantee that any investment plan or strategy will be successful. All investing involves risk including the potential for loss of principal.

This landing page, including links to certain publicly available, historical, Stilwell filings, is intended to provide general information about Stilwell and the Stilwell Activist Funds. It is not intended to offer investment advice or to recommend the purchase or sale of any investment product. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. This is not an offer to sell or a solicitation of any offer to buy any security. Past performance is no guarantee of future results.

Neither Stilwell nor its representatives provide legal, tax, or accounting advice. Investors should consult their legal and tax advisers before making any financial decisions.

*The 80 publicly-traded companies were held by current members and past affiliated members of The Stilwell Group.

For further information, please contact us.