Activist shareholder Joseph Stilwell has a new thrift in his crosshairs after making an initial investment in Fairmount Bancorp (FMTB) in Baltimore.
Funds controlled by the New York investor disclosed a 5.2% stake $79 million-asset thrift on Friday. The funds have obtained roughly 26,000 shares of the company's stock since the end of July, they said in a regulatory filing. Stilwell's filing said that he intends to assert shareholders rights with Fairmount, which could include encouraging its management to pay dividends and repurchase stock.
Stilwell often raises the stakes at thrifts. Sometimes he tries to oust management or push for an institution's sale. His funds
Fairmount isn't the only thrift that has
Stilwell disclosed on Thursday that his funds have raised their stake in IF Bancorp in Watseka, Ill., to 8.1% in recent months. The funds, which own nearly 391,000 shares in the $511 million-asset company, said in a regulatory filing that they have been steadily accumulating stock since July.
Stilwell's funds also have raised their stake in Watseka, Ill.-based IF Bancorp (IROQ) to 8.1% from 7%, increasing their aggregate holdings to 390,742 shares. The stock was bought in a series of transactions since July.
PL Capital, a Naperville, Ill., investment fund run by Richard Lashley and John Palmer, reported on Thursday that it had raised its stake in Magyar Bancorp (MGYR) in New Brunswick, N.J., to 9.99%. PL Capital said in its regulatory filing that it owns more than 580,000 shares of the $528 million-asset company's common stock.
Lashley and Palmer met with Magyar's management in January, where they criticized the thrift's management for destroying "destroyed a significant amount of shareholder value," according to a regulatory filing. Lashley and Palmer urged the thrift to pursue a
PL Capital has won seats on the boards of several community banks, including HF Financial (HFFC) in Sioux Falls, S.D.
