Anchor Bancorp in Lacey, Wash., has agreed to name a new board member in exchange for a truce with an activist investor.
The $419 million-asset Anchor said in a press release Thursday that it will add Gordon Stephenson to its board after reaching an agreement with Stilwell Group, a New York investment firm. Stephenson, who will join the board's strategic planning committee, is co-founder and chief executive of Real Property Associates, a real estate brokerage and property management firm in Seattle.
Stephenson also serves on the board of Zillow Group.
Stilwell Group, which has been
The agreement is set to expire on March 1.