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Poage Bankshares (PBSK) in Ashland, Ky., and an activist investor have sent competing letters to shareholders ahead of next month's annual meeting.
April 15 -
Poage Bankshares (PBSK) in Ashland, Ky., has completed an acquisition that incensed one of its biggest investors.
March 19
Poage Bankshares (PBSK) has fended off a proxy challenge from activist investor Joseph Stilwell.
The Ashland, Ky., company's three board nominees prevailed at its annual meeting last week, according to a Tuesday regulatory filing. Stilwell's nominee, Steve Burchett, fell short by 188,000 votes, or 5% of the total.
The company's shareholders also approved an executive pay plan and the appointment of Crowe Horwath as accountant.
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Stilwell, who owns more than 8% of Poage's shares, said his nominee would "use his experience and commitment to maximize value for all shareholders to discourage [Poage] from doing another dilutive deal." The bank defended the Town Square acquisition, arguing in a filing that "controlled growth" is "the key to unlocking shareholder value."
Shareholders took the company's side, electing Stuart Moore, Charles Robinson and Thomas Burnette.
Poage lost $425,000 in the first quarter because of higher expenses. Its stock price has risen more than 28% since a mutual conversion three years ago, to $14.25 a share on Tuesday afternoon.