Mr. Joseph Stilwell
CUSIP No. 963025101
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SCHEDULE 13D
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Page 2
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1.
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Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).
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Stilwell
Value Partners VII, L.P.
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2.
|
Check the Appropriate Box if a Member of a Group (See Instructions)
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(a) x
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(b)
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3.
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SEC Use Only
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4.
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Source of Funds (See Instructions) WC, OO
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5.
|
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
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6.
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Citizenship or Place of Organization:
Delaware
|
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
|
7. Sole Voting Power: 0
|
8.
Shared Voting Power: 1,181,336
|
9. Sole Dispositive Power: 0
|
10.
Shared Dispositive Power: 1,181,336
|
11.
|
Aggregate
Amount Beneficially Owned by Each Reporting Person: 1,181,336
|
12.
|
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
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13.
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Percent of Class Represented by Amount in Row (11): 12.2%
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14.
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Type of Reporting Person (See Instructions)
PN
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CUSIP
No. 963025101
|
SCHEDULE
13D
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Page
3
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1.
|
Names
of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).
|
|
Stilwell
Activist Fund, L.P.
|
2.
|
Check
the Appropriate Box if a Member of a Group (See Instructions)
|
|
(a)
x
|
|
(b)
|
3.
|
SEC
Use Only
|
4.
|
Source
of Funds (See Instructions) WC, OO
|
5.
|
Check
if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
|
6.
|
Citizenship
or Place of Organization:
Delaware
|
Number
of
Shares
Beneficially
Owned by
Each
Reporting
Person With
|
7.
Sole Voting Power: 0
|
8.
Shared Voting Power: 1,181,336
|
9.
Sole Dispositive Power: 0
|
10.
Shared Dispositive Power: 1,181,336
|
11.
|
Aggregate
Amount Beneficially Owned by Each Reporting Person: 1,181,336
|
12.
|
Check
if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
|
13.
|
Percent
of Class Represented by Amount in Row (11): 12.2%
|
14.
|
Type
of Reporting Person (See Instructions)
PN
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CUSIP
No. 963025101
|
SCHEDULE
13D
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Page
4
|
1.
|
Names
of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).
|
|
Stilwell
Activist Investments, L.P.
|
2.
|
Check
the Appropriate Box if a Member of a Group (See Instructions)
|
|
(a)
x
|
|
(b)
|
3.
|
SEC
Use Only
|
4.
|
Source
of Funds (See Instructions) WC, OO
|
5.
|
Check
if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
|
6.
|
Citizenship
or Place of Organization:
Delaware
|
Number
of
Shares
Beneficially
Owned by
Each
Reporting
Person With
|
7.
Sole Voting Power: 0
|
8.
Shared Voting Power: 1,181,336
|
9.
Sole Dispositive Power: 0
|
10.
Shared Dispositive Power: 1,181,336
|
11.
|
Aggregate
Amount Beneficially Owned by Each Reporting Person: 1,181,336
|
12.
|
Check
if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
|
13.
|
Percent
of Class Represented by Amount in Row (11): 12.2%
|
14.
|
Type
of Reporting Person (See Instructions)
PN
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CUSIP
No. 963025101
|
SCHEDULE
13D
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Page
5
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1.
|
Names
of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).
|
|
Stilwell
Value LLC
|
2.
|
Check
the Appropriate Box if a Member of a Group (See Instructions)
|
|
(a)
x
|
|
(b)
|
3.
|
SEC
Use Only
|
4.
|
Source
of Funds (See Instructions) n/a
|
5.
|
Check
if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
|
6.
|
Citizenship
or Place of Organization:
Delaware
|
Number
of
Shares
Beneficially
Owned by
Each
Reporting
Person With
|
7.
Sole Voting Power: 0
|
8.
Shared Voting Power: 1,181,336
|
9.
Sole Dispositive Power: 0
|
10.
Shared Dispositive Power: 1,181,336
|
11.
|
Aggregate
Amount Beneficially Owned by Each Reporting Person: 1,181,336
|
12.
|
Check
if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
|
13.
|
Percent
of Class Represented by Amount in Row (11): 12.2%
|
14.
|
Type
of Reporting Person (See Instructions)
OO
|
CUSIP
No. 963025101
|
SCHEDULE
13D
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Page
6
|
1.
|
Names
of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only).
|
|
Joseph
Stilwell
|
2.
|
Check
the Appropriate Box if a Member of a Group (See Instructions)
|
|
(a)
x
|
|
(b)
|
3.
|
SEC
Use Only
|
4.
|
Source
of Funds (See Instructions) n/a
|
5.
|
Check
if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
|
6.
|
Citizenship
or Place of Organization:
United States
|
Number
of
Shares
Beneficially
Owned by
Each
Reporting
Person With
|
7.
Sole Voting Power: 0
|
8.
Shared Voting Power: 1,181,336
|
9.
Sole Dispositive Power: 0
|
10.
Shared Dispositive Power: 1,181,336
|
11.
|
Aggregate
Amount Beneficially Owned by Each Reporting Person: 1,181,336
|
12.
|
Check
if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
|
13.
|
Percent
of Class Represented by Amount in Row (11): 12.2%
|
14.
|
Type
of Reporting Person (See Instructions)
IN
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CUSIP No. 963025101
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SCHEDULE 13D
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Page 7
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Item 1. Security and Issuer
This
is the twenty-fifth amendment (this “Twenty-Fifth Amendment”) to the original Schedule 13D, which was filed on July 3, 2017
(the “Original Schedule 13D”) and amended on August 8, 2017 (the “First Amendment”), on December 4, 2017 (the
“Second Amendment”), on January 17, 2018 (the “Third Amendment”), on June 19, 2018 (the “Fourth Amendment”),
on June 22, 2018 (the “Fifth Amendment”), on June 27, 2018 (the “Sixth Amendment”), on July 9, 2018 (the “Seventh
Amendment”), on July 24, 2018 (the “Eighth Amendment”) on August 16, 2018 (the “Ninth Amendment”), on September
5, 2018 (the “Tenth Amendment”), on September 18, 2018 (the “Eleventh Amendment”), on October 29, 2018 (the “Twelfth
Amendment”), on April 15, 2019 (the “Thirteenth Amendment”), on May 7, 2019 (the “Fourteenth Amendment”),
on June 7, 2019 (the “Fifteenth Amendment”), on July 8, 2019 (the “Sixteenth Amendment”), on October 24, 2019
(the “Seventeenth Amendment”), on November 14, 2019 (the “Eighteenth Amendment”), on November 19, 2019 (the “Nineteenth
Amendment”), on January 2, 2020 (the “Twentieth Amendment”) on June 17, 2020 (the “Twenty-First Amendment”),
on August 12, 2020 (the “Twenty-Second Amendment”), on September 22, 2020 (the “Twenty-Third Amendment”) and
on December 29, 2020 (the “Twenty-Fourth Amendment”). This Twenty-Fifth Amendment is being filed jointly by Stilwell Value
Partners VII, L.P., a Delaware limited partnership (“Stilwell Value Partners VII”); Stilwell Activist Fund, L.P., a Delaware
limited partnership (“Stilwell Activist Fund”); Stilwell Activist Investments, L.P., a Delaware limited partnership (“Stilwell
Activist Investments”); Stilwell Value LLC, a Delaware limited liability company (“Stilwell Value LLC”), and the general
partner of Stilwell Value Partners VII, Stilwell Activist Fund, and Stilwell Activist Investments; and Joseph Stilwell, the managing
member and owner of Stilwell Value LLC (collectively, the “Group”).
This
statement relates to the common stock, par value $0.01 per share (“Common Stock”), of Wheeler Real Estate Investment Trust,
Inc. (the “Issuer”). The address of the principal executive offices of the Issuer is 2529 Virginia Beach Boulevard, Suite
200, Virginia Beach, Virginia 23452. The amended joint filing agreement of the members of the Group is attached as Exhibit 18 to the
Eighteenth Amendment.
Item 2. Identity
and Background
(a)-(c)
This statement is filed by Joseph Stilwell with respect to the shares of Common Stock beneficially owned by Joseph Stilwell, including
shares of Common Stock held in the names of Stilwell Value Partners VII, Stilwell Activist Fund, and Stilwell Activist Investments in
Joseph Stilwell’s capacities as the managing member and owner of Stilwell Value LLC, which is the general partner of Stilwell Value
Partners VII, Stilwell Activist Fund, and Stilwell Activist Investments.
The
business address of Stilwell Value Partners VII, Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Value LLC, and Joseph
Stilwell is 111 Broadway, 12th Floor, New York, New York 10006.
The
principal employment of Joseph Stilwell is investment management. Stilwell Value Partners VII, Stilwell Activist Fund, and Stilwell Activist
Investments are private investment partnerships engaged in the purchase and sale of securities for their own accounts. Stilwell Value
LLC serves as the general partner of Stilwell Value Partners VII, Stilwell Activist Fund, Stilwell Activist Investments, and related
partnerships.
CUSIP No. 963025101
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SCHEDULE 13D
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Page 8
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(d)
During the past five years, no member of the Group has been convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e)
During the past five years, no member of the Group has been a party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and, as a result of such proceeding, was or is subject to a judgment, decree or final order enjoining future violations
of, or prohibiting or mandating activities subject to, Federal or State securities laws or finding any violation with respect to such
laws.
(f)
Joseph Stilwell is a citizen of the United States.
Item 3. Source
and Amount of Funds or Other Consideration
Since
we last reported purchases and sales of Common Stock (see the Twenty-Third Amendment), Stilwell Value Partners VII has not expended any
funds to acquire shares of Common Stock.
Since
we last reported purchases and sales of Common Stock (see the Twenty-Third Amendment), Stilwell Activist Fund has not expended any funds
to acquire shares of Common Stock.
Since
we last reported purchases and sales of Common Stock (see the Twenty-Third Amendment), Stilwell Activist Investments has not expended
any funds to acquire shares of Common Stock..
All
purchases of shares of Common Stock made by the Group using funds borrowed from Jefferies LLC or Morgan Stanley, if any, were made in
margin transactions on their usual terms and conditions. All or part of the shares of Common Stock owned by members of the Group may
from time to time be pledged with one or more banking institutions or brokerage firms as collateral for loans made by such entities to
members of the Group. Such loans generally bear interest at a rate based on the broker’s call rate from time to time in effect.
Such indebtedness, if any, may be refinanced with other banks or broker-dealers.
Item 4. Purpose
of Transaction
We are filing this Twenty-Fifth
Amendment to report that, in connection with the Issuer’s tender offer for its Series D Preferred Stock (as defined in Item 6) announced
on April 19, 2021 and the results of which were announced on May 17, 2021, the Group tendered all 67,941 shares of Series D Preferred
Stock held by members of the Group. Terms and results of the Issuer’s tender offer can be found in the Issuer’s recent press
release and securities filings. In addition, the Group sold all of its Swaps (as defined in Item 6) which had provided economic exposure
to 79,642 shares of Series B Preferred Stock (as defined in Item 6) and 453,281 shares of Series D Preferred Stock.
Members
of the Group may seek to make additional purchases or sales of shares of Common Stock. Except as described in this filing, no member
of the Group has any plans or proposals which relate to, or could result in, any of the matters referred to in paragraphs (a) through
(j), inclusive, of Item 4 of Schedule 13D. Members of the Group may, at any time and from time to time, review or reconsider their positions
and formulate plans or proposals with respect thereto.
CUSIP No. 963025101
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SCHEDULE 13D
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Page 9
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Since
2000, members or affiliates of the Group have taken an ‘activist position’ in 70 other publicly-traded companies.
Currently, members or affiliates of the Group file Schedule 13Ds to disclose greater than 5% positions only in SEC-reporting
companies. For simplicity, these affiliates are referred to below as the “Group,” “we,” “us,” or
“our.” 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. Our actions are described below. We have categorized the descriptions of our actions
with regard to the issuers based upon certain outcomes (whether or not, directly or indirectly, such outcomes resulted from the
actions of the Group). Within categories I through III below, the descriptions are listed in chronological order based upon the
completion date of the investment; within categories IV through VII below, the descriptions are listed in chronological order based
upon the respective filing dates of the originally-filed Schedule 13Ds, or, in limited instances, the acquisition date of the 5%
position of a non-reporting company.
I. After
we asserted shareholder rights, the following issuers were sold or merged:
Security
of Pennsylvania Financial Corp. (“SPN”) - We filed our original Schedule 13D to report our position on May 1, 2000. We
scheduled a meeting with senior management to discuss ways to maximize the value of SPN’s assets. On June 2, 2000, prior to the
scheduled meeting, SPN and Northeast Pennsylvania Financial Corp. announced SPN’s acquisition.
Cameron
Financial Corporation (“Cameron”) - We filed our original Schedule 13D to report our position on July 7, 2000. We exercised
our shareholder rights by, among other things, requesting that Cameron management hire an investment banker, demanding Cameron’s
list of shareholders, meeting with Cameron’s management, demanding that Cameron invite our representatives to join the board, writing
to other shareholders to express our dismay with management’s inability to maximize shareholder value and publishing that letter
in the local press. On October 6, 2000, Cameron announced its sale to Dickinson Financial Corp.
Community
Financial Corp. (“CFIC”) - We filed our original Schedule 13D to report our position on January 4, 2001, following CFIC’s
announcement of the sale of two of its four subsidiary banks and its intention to sell one or more of its remaining subsidiaries. We
reported that we acquired CFIC stock for investment purposes. On January 25, 2001, CFIC announced the sale of one of its remaining subsidiaries.
We then announced our intention to run an alternate slate of directors at the 2001 annual meeting if CFIC did not sell the remaining
subsidiary by then. On March 27, 2001, we wrote to CFIC confirming that CFIC’s management had agreed to meet with one of our proposed
nominees to the board. On March 30, 2001, before our meeting took place, CFIC announced its merger with First Financial Corporation.
CUSIP No. 963025101
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SCHEDULE 13D
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Page 10
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Montgomery
Financial Corporation (“Montgomery”) - We filed our original Schedule 13D to report our position on February 23, 2001.
On April 20, 2001, we met with Montgomery’s management and suggested that they maximize shareholder value by selling the institution.
We also informed management that we would run an alternate slate of directors at the 2001 annual meeting unless Montgomery was sold.
Eleven days after we filed our Schedule 13D, however, Montgomery’s board amended its bylaws to limit the pool of potential nominees
to local persons with a banking relation and to shorten the deadline to nominate an alternate slate. We located qualified nominees under
the restrictive bylaw provisions and noticed our slate within the deadline. On June 5, 2001, Montgomery announced that it had hired an
investment banker to explore a sale. On July 24, 2001, Montgomery announced its merger with Union Community Bancorp.
Community
Bancshares, Inc. (“COMB”) - We filed our original Schedule 13D reporting our position on March 29, 2004. We disclosed
that we intended to meet with COMB’s management and evaluate management’s progress in resolving its regulatory issues, lawsuits,
problem loans, and non-performing assets, and that we would likely support management if it effectively addressed COMB’s challenges.
On November 21, 2005, we amended our Schedule 13D and stated that although we believed that COMB’s management had made progress,
COMB’s return on equity would likely remain below average for the foreseeable future, and it should therefore be sold. We also
stated that if COMB did not announce a sale before our deadline to solicit proxies for the next annual meeting, we would solicit proxies
to elect our own slate. On January 6, 2006, we disclosed the names of our three board nominees. On May 1, 2006, COMB announced its sale
to The Banc Corporation.
Jefferson
Bancshares, Inc. (“JFBI”) - We filed our original Schedule 13D reporting our position on April 8, 2013. Our shareholder
proposal requesting the board seek outside assistance to maximize shareholder value through actions such as a sale or merger was defeated
at JFBI’s 2013 annual meeting. We met with management and the board of directors and told them that we would seek board representation
at JFBI’s 2014 annual meeting if JFBI did not announce its sale. JFBI’s sale to HomeTrust Bancshares, Inc. was announced
on January 23, 2014.
FedFirst
Financial Corporation (“FFCO”) - We filed our original Schedule 13D reporting our position on September 24, 2010. After
several meetings with management, FFCO completed a meaningful number of share repurchases, and on April 14, 2014, FFCO announced its
sale to CB Financial Services, Inc.
SP
Bancorp, Inc. (“SPBC”) - We filed our original Schedule 13D reporting our position on February 28, 2011. On August 9,
2013, we met with management and the chairman to assess the best way to maximize shareholder value. SPBC completed a meaningful number
of share repurchases, and on May 5, 2014, SPBC announced its sale to Green Bancorp Inc.
TF
Financial Corporation (“THRD”) - We filed our original Schedule 13D reporting our position on November 29, 2012. We met
with the CEO and the chairman, encouraging them to focus only on accretive acquisitions and to repurchase shares up to book value. They
subsequently did both. On June 4, 2014, THRD announced its sale to National Penn Bancshares, Inc.
Fairmount
Bancorp, Inc. (“FMTB”) - We filed our original Schedule 13D reporting our position on September 21, 2012. On February
25, 2014, we reported our intention to seek board representation at FMTB’s 2015 annual meeting if FMTB did not announce its sale.
However, due to the appointment of our representative to another board in the local area, we were unable to nominate our representative
at the 2015 election of FMTB directors. We reiterated our intent to seek board representation at the earliest possible time if FMTB was
not sold. FMTB’s sale was announced on April 16, 2015.
Harvard
Illinois Bancorp, Inc. (“HARI”) - We filed our original Schedule 13D reporting our position on April 1, 2011. In 2012,
we nominated a director for election at HARI’s 2012 annual meeting and communicated our belief that HARI should merge with a stronger
community bank. Our nominee was not elected, so we nominated a director at HARI’s 2013 annual meeting and stated our position that
HARI should be sold. We communicated to stockholders our intent to run a nominee every year until elected, and we nominated a director
at HARI’s 2014 annual meeting. Our nominee was not elected, so in April 2015, we began soliciting stockholder votes for our nominee
for HARI’s 2015 annual meeting. On May 21, 2015, HARI announced the sale of its subsidiary bank to State Bank in Wonder Lake, IL.
We subsequently withdrew our solicitation of proxies for the election of our nominee at HARI’s 2015 annual meeting. The sale of
HARI’s subsidiary bank was completed on August 1, 2016. On August 10, 2016, we entered into a settlement agreement with HARI whereby
two legacy board members stepped down, and we agreed not to seek board representation through 2017. HARI implemented a plan of voluntary
dissolution.
Eureka
Financial Corp. (“EKFC”) - We filed our original Schedule 13D reporting our position on March 28, 2011. We encouraged
EKFC to pay special dividends to shareholders and repurchase shares. Management and the board did both, and on September 3, 2015, EKFC
announced its sale to NexTier, Inc.
CUSIP No. 963025101
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SCHEDULE 13D
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Page 11
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United-American
Savings Bank (“UASB”) - We filed our original Schedule 13D with the Federal Deposit Insurance Corporation reporting our
position on May 20, 2013. We believe management and the board acted in good faith to position UASB to maximize shareholder value. After
we encouraged them to sell, UASB announced its sale to Emclaire Financial Corp on December 30, 2015.
Polonia
Bancorp, Inc. (“PBCP”) - We filed our original Schedule 13D reporting our position on November 23, 2012. After several
conversations with the Chairman and CEO, we publicly called for PBCP’s sale. On June 2, 2016, PBCP’s sale to Prudential Bancorp,
Inc. was announced.
Georgetown
Bancorp, Inc. (“GTWN”) - We filed our original Schedule 13D reporting our position on July 23, 2012. We encouraged GTWN
to maximize shareholder value through share repurchases, and we supported management and the board’s consistent efforts to do so.
On October 6, 2016, GTWN announced its sale to Salem Five Bancorp.
Wolverine
Bancorp, Inc. (“WBKC”) - We filed our original Schedule 13D reporting our position on February 7, 2011. We encouraged
WBKC to maximize shareholder value through share repurchases and payments of special dividends, and we supported management and the board’s
consistent efforts to do so. On June 14, 2017, WBKC’s sale to Horizon Bancorp was announced.
First
Federal of Northern Michigan Bancorp, Inc. (“FFNM”) - We filed our original Schedule 13D reporting our position on March
10, 2016. We believed FFNM was positioned to repurchase shares, and we urged management and the board to do so. FFNM deregistered its
shares of common stock effective in 2016. On January 16, 2018, FFNM’s sale to Mackinac Financial Corporation was announced.
Jacksonville
Bancorp, Inc. (“JXSB”) - We filed our original Schedule 13D reporting our position on July 5, 2011. We supported JXSB’s
consistent efforts to maximize shareholder value through share repurchases and payments of special dividends. On January 18, 2018, JXSB’s
sale to CNB Bank Shares, Inc. was announced.
Anchor
Bancorp (“ANCB”) - We filed our original Schedule 13D reporting our position on May 7, 2012. We previously urged ANCB
to maximize shareholder value by increasing share repurchases or selling the bank. We called for ANCB’s sale to the highest bidder
on July 7, 2016. On August 29, 2016, we agreed not to seek board representation at the 2016 annual meeting in consideration of ANCB appointing
Gordon Stephenson as a director. We believe the board acted in good faith to maximize shareholder value through ANCB’s announced
sale to Washington Federal, Inc. on April 11, 2017. That acquisition was delayed due to regulatory issues at Washington Federal, Inc.
On July 17, 2018, ANCB’s sale to FS Bancorp, Inc. at a higher price was announced.
Hamilton
Bancorp, Inc. (“HBK”) - We filed our original Schedule 13D reporting our position on October 22, 2012. Having met with
management over the years, we believe management and the board acted in good faith to maximize shareholder value through HBK’s
announced sale to Orrstown Financial Services, Inc. on October 23, 2018.
Ben
Franklin Financial, Inc. (“BFFI”) - We filed our original Schedule 13D reporting
our position on February 9, 2015. We urged management and the board to repurchase shares as soon as BFFI was permitted. We subsequently
believed BFFI should be sold, and on December 3, 2018, announced our intent to seek board representation at BFFI’s 2019 annual
meeting. On February 22, 2019, we served our notice of intent to nominate Ralph Sesso for election as a director on BFFI’s board.
On July 16, 2019, BFFI’s sale to Corporate America Family Credit Union was announced. BFFI deregistered its shares of common stock
effective in 2018.
Alcentra
Capital Corp (“ABDC”) - We filed our original Schedule 13D reporting our position on December 28, 2017. We informed management
at a meeting on January 5, 2018, and reiterated several times throughout the year, that if ABDC did not repurchase 10% of its shares
in 2018, we would aggressively seek board representation. They did not do so. On January 25, 2019, we announced our nominees and alternate
nominee for ABDC’s 2019 election of directors. On August 13, 2019, ABDC’s sale to Crescent
Capital BDC, Inc. was announced.
First
Advantage Bancorp (“FABK”) - We filed our original Schedule 13D reporting our position
on March 20, 2017. We believe management and the board acted in good faith to maximize shareholder value over the long term. On October
23, 2019, FABK’s sale to Reliant Bancorp, Inc. was announced. FABK deregistered its shares of common stock effective in 2013.
CUSIP No. 963025101
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SCHEDULE 13D
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Page 12
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Central
Federal Bancshares, Inc. (“CFDB”) - We filed our original Schedule 13D reporting our position on January 25, 2016. We
urged management and the board of CFDB to repurchase shares as soon as CFDB was permitted. On May 21, 2019, we met with management, the
board and its attorney at CFDB’s annual meeting, and followed up with a letter to the board calling for CFDB’s sale if it
did not repurchase a meaningful number of shares. On January 17, 2020, CFDB’s sale to Southern
Missouri Bancorp, Inc. was announced. CFDB deregistered its shares of common stock effective in 2019.
Carroll
Bancorp, Inc. (“CROL”) - We filed our original Schedule 13D reporting our position on March 17, 2014. On March 6, 2020,
CROL’s sale to Farmers and Merchants Bancshares, Inc. was announced. CROL deregistered its shares of common stock effective in
2017.
II. After we
seated directors on the boards of the following issuers, the issuers were sold or merged:
Oregon
Trail Financial Corp. (“OTFC”) - We filed our original Schedule 13D reporting our position on December 15, 2000. In January
2001, we met with the management of OTFC to discuss our concerns that management was not maximizing shareholder value, and we proposed
that OTFC voluntarily place our representative on the board. OTFC rejected our proposal, and we announced our intention to solicit proxies
to elect a board nominee. We demanded OTFC’s shareholder list, but OTFC refused to give it to us. We sued OTFC in Baker County,
Oregon, and the court ruled in our favor and sanctioned OTFC. We also sued two OTFC directors alleging that one had violated OTFC’s
residency requirement and that the other had committed perjury. Both suits were dismissed pre-trial but we filed an appeal in one suit
and were permitted to re-file the other suit in state court. On August 16, 2001, we started soliciting proxies to elect Kevin D. Padrick,
Esq. to the board. We argued in our proxy materials that OTFC should have repurchased its shares at prices below book value. OTFC announced
the hiring of an investment banker. Then, the day after the 9/11 attacks, OTFC sued us in Portland, Oregon and moved to invalidate our
proxies; the court denied the motion and the election proceeded.
On
October 12, 2001, OTFC’s shareholders elected our candidate by a two-to-one margin. In the five months after the filing of our
first proxy statement (i.e., from August 1 through December 31, 2001), OTFC repurchased approximately 15% of its shares. On March 12,
2002, we entered into a standstill agreement with OTFC. OTFC agreed to: (a) achieve annual targets for return on equity, (b) reduce its
current capital ratio, (c) obtain advice from an investment banker regarding annual 10% stock repurchases, (d) re-elect our director
to the board, (e) reimburse a portion of our expenses, and (f) withdraw its lawsuit. On February 26, 2003, OTFC and FirstBank NW Corp.
announced their merger, and the merger was completed on October 31, 2003.
HCB
Bancshares, Inc. (“HCBB”) - We filed our original Schedule 13D reporting our position on June 14, 2001. On September
4, 2001, we reported that we had entered into a standstill agreement with HCBB, under which HCBB agreed to: (a) add a director selected
by us, (b) consider conducting a Dutch tender auction, (c) institute annual financial targets, and (d) retain an investment banker to
explore alternatives if it did not achieve its financial targets. On October 22, 2001, our nominee, John G. Rich, Esq., was named to
the board. On January 31, 2002, HCBB announced a modified Dutch tender auction to repurchase 20% of its shares. Although HCBB’s
outstanding share count decreased by 33% between the filing of our original Schedule 13D and August 2003, HCBB did not achieve the financial
target. On August 12, 2003, HCBB announced it had hired an investment banker to assist in exploring alternatives for maximizing shareholder
value, including a sale. On January 14, 2004, HCBB announced its sale to Rock Bancshares, Inc.
SCPIE
Holdings Inc. (“SKP”) - We filed our original Schedule 13D reporting our position on January 19, 2006. We announced we
would run our slate of directors at the 2006 annual meeting and demanded SKP’s shareholder list. SKP initially refused to timely
produce the list, but did so after we sued it in Delaware Chancery Court. We engaged in a proxy contest at the 2006 annual meeting, but
SKP’s directors were elected. Subsequently on December 14, 2006, SKP agreed to place Joseph Stilwell on its board. On October 16,
2007, Mr. Stilwell resigned from SKP’s board after it approved a sale of SKP that Mr. Stilwell believed was an inferior offer.
We solicited shareholder proxies in opposition to the proposed sale; however, the sale was approved, and our shares were converted in
a cash deal.
American
Physicians Capital, Inc. (“ACAP”) - We filed our original Schedule 13D reporting our position on November 25, 2002. The
Schedule 13D disclosed that on January 18, 2002, Michigan’s Insurance Department had approved our request to solicit proxies to
elect two directors to ACAP’s board. On January 29, 2002, we noticed our intention to nominate two directors at the 2002 annual
meeting. On February 20, 2002, we entered into a three-year standstill agreement with ACAP, providing for ACAP to add our nominee to
its board. ACAP also agreed to consider using a portion of its excess capital to repurchase ACAP’s shares in each of the fiscal
years 2002 and 2003 so that its outstanding share count would decrease by 15% for each of those years. In its 2002 fiscal year, ACAP
repurchased 15% of its outstanding shares; these repurchases were highly accretive to per share book value. On November 6, 2003, ACAP
announced a reserve charge and that it would explore options to maximize shareholder value. It also announced that it would exit the
healthcare and workers’ compensation insurance businesses. ACAP then announced that it had retained Sandler O’Neill &
Partners, L.P., to assist the board. On December 2, 2003, ACAP announced the early retirement of its president and CEO. On December 23,
2003, ACAP named R. Kevin Clinton its new president and CEO.
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On
June 24, 2004, ACAP announced that it had decided that the best means to maximize shareholder value would be to shed non-core businesses
and focus on its core business line in its core markets. We increased our holdings in ACAP, and we announced that we intended to seek
additional board representation. On November 10, 2004, ACAP invited Joseph Stilwell to sit on the board, and we entered into a new standstill
agreement. This agreement was terminated in November 2007, with our representatives remaining on ACAP’s board. On May 8, 2008,
our representatives were re-elected to three-year terms expiring in 2011. Upon the passage of federal healthcare legislation in 2010,
ACAP became concerned about the fundamentals of its business and promptly acted to assess its strategic alternatives. On October 22,
2010, ACAP was acquired by The Doctors Company, and our shares were converted in a cash deal.
Colonial
Financial Services, Inc. (“COBK”) - We filed our original Schedule 13D reporting our position on August 24, 2011. On
December 18, 2013, we reached an agreement with COBK to have a director of our choice appointed to its board of directors. Our representative,
Corissa B. Porcelli (formerly Corissa J. Briglia), joined COBK’s board of directors on March 25, 2014. On September 10, 2014, COBK
announced its sale to Cape Bancorp, Inc., and the cash/stock deal was completed on April 1, 2015.
Naugatuck
Valley Financial Corporation (“NVSL”) - We filed our original Schedule 13D reporting our position on July 11, 2011. On
February 13, 2014, we reported our intention to seek board representation. On March 12, 2014, we reached an agreement with NVSL for our
representative to join NVSL’s board of directors and for NVSL not to seek approval for stock benefit plans. On June 4, 2015, NVSL
announced its sale to Liberty Bank in Middletown, CT, and the cash deal was completed on January 15, 2016.
Fraternity
Community Bancorp, Inc. (“FRTR”) - We filed our original Schedule 13D reporting our position on April 11, 2011. We reached
an agreement with FRTR, and on November 18, 2014, our representative, Corissa B. Porcelli (formerly Corissa J. Briglia), was appointed
to the board of directors. On October 13, 2015, FRTR’s sale was announced, and the cash deal was completed on May 13, 2016.
Sunshine
Financial, Inc. (“SSNF”) - We filed our original Schedule 13D reporting our position on April 18, 2011. We reached an
agreement with SSNF, and on February 5, 2016, our representative, Corissa B. Porcelli (formerly Corissa J. Briglia), was appointed to
the board of directors. On December 6, 2017, SSNF’s sale to The First Bancshares, Inc. was announced, and the cash/stock deal was
completed on April 2, 2018.
Delanco
Bancorp, Inc. (“DLNO”) - We filed our original Schedule 13D reporting our position on October 28, 2013. We reached an
agreement with DLNO, and in May 2017, our representative, Corissa B. Porcelli (formerly Corissa J. Briglia), was appointed to the board
of directors. On October 18, 2017, DLNO’s sale to First Bank was announced, and the stock deal was completed on April 30, 2018.
Poage
Bankshares, Inc. (“PBSK”) - We filed our original Schedule 13D reporting our position on September 23, 2011. We believed
PBSK’s board was not focused on maximizing shareholder value and nominated a director for election at PBSK’s 2014 annual
meeting. Our nominee was not elected, so we nominated a director at PBSK’s 2015 annual meeting. On July 21, 2015, our nominee,
Stephen S. Burchett, was elected as a director with a mandate to maximize shareholder value. Subsequently, the CEO left the company.
We publicly called for PBSK’s sale, and on July 11, 2018, PBSK’s sale to City Holding Company was announced. The stock deal
was completed on December 7, 2018.
HopFed
Bancorp, Inc. (“HFBC”) - We filed our original Schedule 13D reporting our position on February 25, 2013. At HFBC’s
May 2013 annual meeting, we nominated a director for the board of directors and strongly opposed HFBC’s agreement to purchase Sumner
Bank & Trust. Our nominee won by a two to one margin, and the proposed Sumner deal was subsequently terminated in August 2013.
On
May 1, 2017, we sent a letter to stockholders (filed as Exhibit 13 to the Twelfth Amendment to our Schedule 13D) detailing the extensive
real estate holdings of HFBC’s CEO, John Peck, as well as numerous other conflicts of interest of both Mr. Peck and HFBC’s
counsel, George M. (“Greg”) Carter, of which HFBC board members were apparently unaware. Subsequently, HFBC formed a “Special
Litigation Committee” to investigate. On February 23, 2018, HFBC filed a Form 8-K reporting that although the Special Litigation
Committee did not dispute the facts in the May 1 letter, it declined to recommend HFBC bring a lawsuit or remedial action against John
Peck.
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On
May 4, 2017, we filed a complaint in the Delaware Court of Chancery against HFBC, the then current members of the board of directors
and one former board member, asking the Court to declare that HFBC’s prejudicial bylaw was invalid and that the directors breached
their fiduciary duties. On October 4, 2017, HFBC announced it had amended the bylaw thus mooting that case. Subsequently, we filed a
motion to recover our attorneys’ fees and expenses, which Vice Chancellor J. Travis Laster granted in its entirety on February
7, 2018, awarding us $610,312. In his ruling on the motion, the Judge excoriated the conduct of HFBC’s board; the full court transcript
is filed as Exhibit 14 to the Fourteenth Amendment to our Schedule 13D.
On
February 23, 2018, we formally demanded that HFBC’s board of directors take action against the Issuer’s attorneys, Edward
B. Crosland, Jr., of Jones Walker LLP and Greg Carter of Carter & Carter Law Firm, for legal malpractice and seek damages in excess
of $1 million to HFBC; our demand letter is attached as Exhibit 15 to the Fifteenth Amendment to our Schedule 13D.
Following
our nomination of Mark D. Alcott in March of 2018 for election to HFBC’s board of directors to replace John Peck, we entered into
a Standstill Agreement with HFBC dated April 10, 2018, whereby Mr. Alcott would be appointed to the HFBC board. The board also adopted
revised compensation policies requiring HFBC to reach at least average annual performance relative to that of its peer group, or its
executive officers would not receive salary raises, bonuses or perquisites.
Mr.
Alcott’s appointment to the HFBC board became effective on April 18, 2018. On January 7, 2019, HFBC’s sale to First Financial
Corporation was announced, and the cash/stock deal was completed on July 27, 2019.
MB
Bancorp, Inc. (“MBCQ”) - We filed our original Schedule 13D reporting our
position on January 9, 2015. We urged management and the board to repurchase shares, and on March 30, 2016, MBCQ announced and
subsequently completed its plan to repurchase an initial 10% of its shares outstanding. We urged management and the board to
complete the existing 5% share repurchase plan and put MBCQ up for sale when permitted in January 2018. On February 20, 2018, we
reached an agreement with MBCQ, and our representative, Corissa B. Porcelli (formerly Corissa J. Briglia), was appointed to the
board of directors. On September 5, 2019, MBCQ’s sale to BV Financial, Inc. was announced, and the all-cash deal was completed
on February 29, 2020. MBCQ deregistered its shares of common stock effective in 2019.
III. 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”) - We filed our original Schedule 13D reporting our position on June 30, 2003. On August
12, 2003, Florida’s Insurance Department approved our request to hold more than 5% of FPIC’s shares, to solicit proxies to
hold board seats, and to exercise shareholder rights. On November 10, 2003, FPIC invited our nominee, John G. Rich, Esq., to join the
board, and we signed a confidentiality agreement. On June 7, 2004, we disclosed that because FPIC had taken steps to increase shareholder
value, such as multiple share repurchases, and because its market price increased and reflected fair value in our estimation, we sold
our shares in the open market, decreasing our holdings below 5%. Our nominee was invited to remain on the board.
Roma
Financial Corp. (“ROMA”) - We filed our original Schedule 13D reporting our position on July 27, 2006. Prior to its acquisition
by Investors Bancorp, Inc., in December 2013, nearly 70% of ROMA’s shares were held by a mutual holding company controlled by ROMA’s
board. In April 2007, we engaged in a proxy solicitation at ROMA’s first annual meeting, urging shareholders to withhold their
vote from management’s slate. ROMA did not put their stock benefit plans up for a vote at that meeting. We then met with ROMA management.
In the four months after ROMA became eligible to repurchase its shares, it announced and substantially completed repurchases of 15% of
its publicly held shares, which were accretive to shareholder value. In our judgment, management came to understand the importance of
proper capital allocation. Based on ROMA management’s prompt implementation of shareholder-friendly capital allocation plans, we
supported management’s adoption of stock benefit plans at the 2008 shareholder meeting. In our estimation, ROMA’s market
price increased and reflected fair value, and we sold our shares in the open market.
First
Savings Financial Group, Inc. (“FSFG”) - We filed our original Schedule 13D reporting our position on December 29, 2008.
We met with management, after which FSFG announced a stock repurchase plan and began repurchasing its shares. In December 2009, we reported
that our beneficial ownership in the outstanding FSFG common stock had fallen below 5%.
Prudential
Bancorp, Inc. of Pennsylvania (“PBIP”) - We filed our original Schedule 13D reporting our position on June 20, 2005.
Most of PBIP’s shares were held by the Prudential Mutual Holding Company (the “MHC”), which was controlled by PBIP’s
board. The MHC controlled most corporate decisions requiring a shareholder vote, such as the election of directors. However, regulations
promulgated by the FDIC previously barred the MHC from voting on PBIP’s management stock benefit plans, and PBIP’s IPO prospectus
indicated that the MHC would not vote on the plans. We announced in August 2005 that we would solicit proxies to oppose adoption of the
plans as a referendum to place Joseph Stilwell on PBIP’s board. PBIP decided not to put the plans up for a vote at the 2006 annual
meeting.
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In
December 2005, we solicited proxies to withhold votes on the election of directors as a referendum to place Mr. Stilwell on the board.
At the 2006 annual meeting, 71% of PBIP’s voting public shares were withheld from voting on management’s nominees.
On
April 6, 2006, PBIP announced that just after we had filed our Schedule 13D, it had secretly solicited a letter from an FDIC staffer
(which it concealed from the public) that the MHC would be allowed to vote in favor of the management stock benefit plans. PBIP also
announced a special meeting to vote on the plans. We alerted the Board of Governors of the Federal Reserve System (the
“Fed”) about this announcement, and PBIP was directed to seek Fed approval before adopting the plans. On April 19, 2006,
PBIP postponed the special meeting. The Fed subsequently followed the FDIC’s position in September 2006. In December 2006, we
solicited proxies to withhold votes on the election of PBIP’s directors at the 2007 annual meeting. At the meeting, 75% of
PBIP’s voting public shares were withheld. Also during the annual meeting, PBIP’s President and Chief Executive Officer
was unable to state the meaning of per share return on equity despite Mr. Stilwell’s holding up a $10,000 check for the
charity of the CEO’s choice if he could promptly answer the question. On March 7, 2007, we disclosed that we were publicizing
the results of PBIP’s elections and its directors’ unwillingness to hold a democratic vote on the stock plans by placing
billboard advertisements throughout Philadelphia.
In
December 2007, we filed proxy materials for the solicitation of proxies to withhold votes on the election of PBIP’s directors at
the 2008 annual meeting. At the 2008 annual meeting, an average of 77% of PBIP’s voting public shares withheld their votes. Excluding
shares held in PBIP’s ESOP, an average of 88% of the voting public shares withheld their votes in this election.
On
October 4, 2006, we sued PBIP, the MHC, and the directors of PBIP and the MHC in federal court in Philadelphia seeking an order to prevent
the MHC from voting in favor of the management stock benefit plans. On August 15, 2007, the court dismissed some claims, but sustained
our cause of action against the MHC as majority shareholder of PBIP for breach of fiduciary duties. Discovery proceeded and all the directors
were deposed. Both sides moved for summary judgment, but the court ordered the case to trial, which was scheduled for June 2008. On May
22, 2008, we voluntarily discontinued the lawsuit after determining that it would be more effective and appropriate to pursue the directors
on a personal basis in a derivative action. On June 11, 2008, we filed a notice to appeal certain portions of the lower court’s
August 15, 2007, order dismissing portions of the lawsuit.
We
entered into a settlement agreement and an expense agreement with PBIP in November 2008 under which we agreed to support PBIP’s
management stock benefit plans, drop our litigation and withdraw our shareholder demand, and generally support management; and in exchange,
PBIP agreed, subject to certain conditions, to repurchase up to three million of its shares (including shares previously purchased),
reimburse a portion of our expenses, and either adopt a second step conversion or add our nominee who meets certain qualification requirements
to its board if the repurchases were not completed by a specified time. On March 5, 2010, we reported that our ownership in PBIP had
dropped below 5% as a result of open market sales and sales of common stock to PBIP.
United
Insurance Holdings Corp. (“UIHC”) - We filed our original Schedule 13D reporting our position on September 29, 2011.
On December 17, 2012, we disclosed that we sold shares in the open market, decreasing our holdings below 5%.
Home
Federal Bancorp, Inc. of Louisiana (“HFBL”) - We filed our original Schedule 13D reporting our position on January 3,
2011. We believe management and the board acted in good faith and took steps to increase shareholder value, such as multiple share repurchases.
In our estimation, HFBL’s market price increased and reflected fair value; on February 7, 2013, we disclosed that we sold shares
in the open market, decreasing our holdings below 5%.
Standard
Financial Corp. (“STND”) - We filed our original Schedule 13D reporting our position on October 18, 2010. We believe
management and the board acted in good faith and took steps to increase shareholder value, such as multiple share repurchases. In our
estimation, STND’s market price increased and reflected fair value; on March 19, 2013, we disclosed that we sold our shares in
the open market, decreasing our holdings below 5%.
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Alliance
Bancorp, Inc. of Pennsylvania (“ALLB”) - We filed our original Schedule 13D reporting our position on March 12,
2009. When we announced our reporting position, a majority of ALLB’s shares were held by a mutual holding company controlled
by ALLB’s board. However, on August 11, 2010, ALLB announced its intention to undertake a second step offering, selling all
shares to the public. The plan of conversion and reorganization was approved by depositors at a special meeting held December 29,
2010. We strongly supported ALLB’s action. Following completion of the conversion of Alliance Bank from the mutual holding
company structure to the stock holding company structure, we increased our stake with the belief that shareholders and ALLB would do
well if management focused on profitability. We believe management and the board acted in good faith and took steps to increase
shareholder value, such as multiple share repurchases. In our estimation, ALLB’s market price increased and reflected fair
value; on November 21, 2013, we disclosed that we sold shares in the open market, decreasing our holdings below 5%.
ASB
Bancorp, Inc. (“ASBB”) - We filed our original Schedule 13D reporting our position on October 24, 2011. On August 23,
2013, we met with management to assess the best way to maximize shareholder value. We believe management and the board acted in good
faith by cleaning up non-performing assets and repurchasing shares, and ASBB’s market price increased to reflect fair value. On
July 18, 2014, we disclosed that we sold our shares to ASBB.
United
Community Bancorp (“UCBA”) - We filed our original Schedule 13D reporting our position on January 22, 2013. We believe
management and the board acted in good faith and took steps to increase shareholder value, such as multiple share repurchases. In our
estimation, UCBA’s market price increased to reflect fair value; on November 9, 2015, we disclosed that we sold shares to UCBA,
decreasing our holdings below 5%.
West
End Indiana Bancshares, Inc. (“WEIN”) - We filed our original Schedule 13D reporting our position on January 19, 2012.
We believe management and the board acted in good faith and took steps to increase shareholder value, such as multiple share repurchases.
In our estimation, WEIN’s market price increased to reflect fair value; on November 12, 2015, we disclosed that we sold our shares
in the open market.
William
Penn Bancorp, Inc. (“WMPN”) - We filed our original Schedule 13D reporting our position on May 23, 2008. A majority of
WMPN’s shares are held by a mutual holding company controlled by WMPN’s board. We met with management and the board to explain
our views on proper capital allocation and following the financial crisis, we continued to urge WMPN to take the steps necessary to maximize
shareholder value. On December 3, 2014, WMPN announced and subsequently completed its plan to repurchase 10% of its shares outstanding
and further completed several additional share repurchases. We believe management and the board acted in good faith to maximize shareholder
value through shareholder-friendly capital allocation; on April 11, 2016, we disclosed that we sold shares in the open market, decreasing
our holdings below 5%.
First
Financial Northwest, Inc. (“FFNW”) - We filed our original Schedule 13D reporting our position on September 12, 2011.
At the Company’s 2012 annual meeting, we solicited an overwhelming majority of shareholder votes for our nominee based on our position
that Victor Karpiak (then Chairman and CEO) should be removed from the Company and board. After the Company pushed to have our votes
invalidated, we sued to enforce our rights. In 2013, we settled with the Company. Our nominee, Kevin Padrick, was seated on the board,
and Mr. Karpiak resigned as Chairman. The board later replaced Mr. Karpiak as CEO. We filed two additional lawsuits arising from the
invalidation of our votes at the 2012 election, both of which we settled.
Since
2013, we believed management and the board acted in good faith by cleaning up non-performing assets and reaching a moderate level of
profitability, and they maximized shareholder value by repurchasing in excess of 40% of FFNW’s shares. In our estimation, FFNW’s
market price increased to reflect fair value; on October 11, 2016, we disclosed that we sold our shares in the open market. Kevin Padrick
continued to serve on the board.
Alamogordo
Financial Corp. (“ALMG”) - We filed our original Schedule 13D reporting our position on May 11, 2015. We urged management
and the board to provide meaningful returns to shareholders either through a second-step conversion or by effectuating a shareholder-friendly
capital allocation program. On March 7, 2016, ALMG announced and later completed a second-step conversion which we believe maximized
shareholder value. On October 14, 2016, we disclosed that we sold shares of the converted Company, Bancorp 34, Inc., in the open market,
decreasing our holdings below 5%.
Malvern
Bancorp, Inc. (“MLVF”) - We filed our original Schedule 13D reporting our position on May 30, 2008. When we
announced our reporting position, a majority of MLVF’s shares were held by a mutual holding company controlled by MLVF’s
board. On October 26, 2010, we demanded that MLVF pursue a derivative action against its directors for breach of their fiduciary
duties. MLVF failed to pursue the action and, on June 3, 2011, we sued MLVF’s directors in Chester County, Pennsylvania,
demanding that the court, among other things, order the directors to properly consider pursuing a second step conversion. On
November 9, 2011, Judge Howard F. Riley Jr. overruled the director defendants’ preliminary objections to the derivative
lawsuit.
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On
January 17, 2012, MLVF announced its intention to undertake a second step conversion and we withdrew the lawsuit. The conversion and
stock offering were completed on October 11, 2012, and our shares were converted into shares of Malvern Bancorp, Inc. On September 5,
2013, we notified MLVF of our intention to nominate John P. O’Grady for election as a director at its 2014 annual meeting, but
we later reached an agreement with MLVF for Mr. O’Grady to join its board of directors and executed a standstill agreement. Subsequently,
MLVF’s long-standing CEO resigned, its chairman of the board stepped down and several directors resigned from the board of directors.
On November 25, 2014, we terminated our standstill agreement with MLVF, including the agreement’s performance targets. John P.
O’Grady continued to serve as an independent director on the board but no longer as our nominee.
After
meeting with the new CEO and the new chairman of the board, we believed that management and the board of directors were focused on maximizing
shareholder value and were successful in doing so. On December 7, 2016, we disclosed that we sold shares in the open market, decreasing
our holdings below 5%.
FSB
Community Bankshares, Inc. (“FSBC”) - We filed our original Schedule 13D reporting our position on October 26, 2015.
We urged management and the board to provide meaningful returns to shareholders either through a second-step conversion or by effectuating
a shareholder-friendly capital allocation program. On March 3, 2016, FSBC announced and later completed a second-step conversion which
we believe maximized shareholder value. On December 9, 2016, we disclosed that we sold shares of the converted Company, FSB Bancorp,
Inc., in the open market, decreasing our holdings below 5%.
Pinnacle
Bancshares, Inc. (“PCLB”) - We filed our original Schedule 13D reporting our position on September 23, 2014. On November
14, 2014, PCLB announced the continuation of its share repurchase plan and announced a new repurchase plan on May 25, 2016. We believe
management and the board acted in good faith to maximize shareholder value through multiple share repurchases. On December 13, 2016,
we disclosed that we sold our shares in the open market.
Sugar
Creek Financial Corp. (“SUGR”) - We filed our original Schedule 13D reporting our position on April 21, 2014. We believe
management and the board acted in good faith to maximize shareholder value through share repurchases. In our estimation, SUGR’s
market price increased to reflect fair value; on July 28, 2017, we disclosed that we sold our shares in the open market.
Provident
Financial Holdings, Inc. (“PROV”) - We filed our original Schedule 13D reporting our position on October 7, 2011. We
supported PROV’s consistent efforts to maximize shareholder value through a meaningful number of share repurchases. In our estimation,
PROV’s market price increased and reflected fair value; on September 25, 2017, we disclosed that we sold shares in the open market,
decreasing our holdings below 5%.
West
Town Bancorp, Inc. (“WTWB”) - We believe management and the board acted in good faith to maximize shareholder value,
and on July 18, 2019, we sold our shares to WTWB. WTWB deregistered its shares of common stock effective in 2003.
IF
Bancorp, Inc. (“IROQ”) - We filed our original Schedule 13D reporting our position
on March 5, 2012. We urged management and the board to maximize shareholder value through share repurchases. We believe IROQ acted
in good faith to do so and, in our estimation, IROQ’s market price increased to reflect fair value. On September 24, 2019, we disclosed
that we sold shares in the open market, decreasing our holdings below 5%.
IV. We exited
the following activist position without maximizing shareholder value:
Garrison
Capital, Inc. (“GARS”) - We filed our original Schedule 13D reporting our position on January 21, 2020. In April 2020,
we sold our stake with the belief that the global pandemic had made activism in a business development company problematic for the next
couple of years.
V. After successfully
seeking board representation, we seated directors who currently serve on the board of the following issuer:
Kingsway
Financial Services Inc. (“KFS”) - We filed our original Schedule 13D reporting our position on November 7, 2008. We requested
a meeting with KFS’s CEO and chairman to discuss ways to maximize shareholder value and minimize both operational and balance sheet
risks, but the CEO was unresponsive. We then requisitioned a special shareholder meeting to remove the CEO and chairman from the KFS
board and replace them with our two nominees. On January 7, 2009, we entered into a settlement agreement with KFS whereby, among other
things, the CEO resigned from the KFS board and KFS expanded its board from nine to ten seats and appointed our nominees to fill the
two vacant seats. By April 23, 2009, the board was reconstituted with just three of the original ten legacy directors remaining. Also,
Joseph Stilwell was appointed to fill the vacancy created by the resignation of one of our nominees, and our other nominee was elected
chairman of the board. In addition, the board fired the CEO and CFO for incompetence and insubordination. By November 3, 2009, all of
the legacy directors had resigned from the board.
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Since
then, Joseph Stilwell has remained on the board, and KFS has sold non-core assets, repurchased public debt at a discount to face value,
sold a credit-sensitive asset, disposed of its subsidiary Lincoln General, substantially reduced its expenses, and reduced other balance
sheet and operations risks. On May 24, 2018, we announced that we would withhold our proxy votes on the re-election of the then current
CEO at the KFS annual meeting. Although the CEO was re-elected to the board, the board announced on September 5, 2018, a CEO transition
in which he would no longer serve as CEO. The KFS board appointed John T. Fitzgerald as the new CEO to execute its warranty segment strategy.
On
September 21, 2020, our representative, Corissa B. Porcelli, was elected to the board of directors.
VI. We hope
to work with management and the boards of the following issuers:
NorthEast
Community Bancorp, Inc. (“NECB”) - We filed our original Schedule 13D reporting our position on November 5, 2007. A majority
of NECB’s shares are held by a mutual holding company controlled by NECB’s board. We opposed the grant of an equity incentive
plan for the NECB board, and to this day, the board and management have not received such a plan. In July of 2010, we delivered a written
demand to NECB demanding to inspect its shareholder list, but NECB refused to supply us with the list. We sued NECB in federal court
in New York seeking an order compelling compliance. In August of 2010, NECB produced the list of shareholders to us. In the fall of 2011,
we sent a letter to NECB’s board of directors demanding that NECB expand the board with disinterested directors to consider a second
step conversion. In October of 2011, we filed a lawsuit in New York state court against NECB, the mutual holding company, and their boards
of directors, personally and derivatively, for breach of fiduciary duty arising out of failure to fairly consider a second step conversion
and alleging conflict of interest. During the course of a protracted litigation, we deposed every named director including a former director.
Although the New York trial court judge agreed with us in partially granting our motion for summary judgment and finding that upon trial
the defendants would bear the burden of the entire fairness standard, the First Department reversed on other grounds; the New York Court
of Appeals declined to hear our appeal. After years of our pushing NECB to become fully public, the company announced on November 4,
2020 that it would undertake a second-step conversion. We support NECB’s decision to do so. NECB deregistered its shares of common
stock effective in 2016.
Wayne
Savings Bancshares, Inc. (“WAYN”) - We filed our original Schedule 13D reporting our position on October 8, 2010. In
2014, we supported H. Stewart Fitz Gibbon III’s appointment as CEO and as a director on the board. We believed management and
the board were acting in good faith to position WAYN to maximize shareholder value. When the board announced Mr. Fitz Gibbon’s
unexplained resignation on December 20, 2016, we nominated a director for election at WAYN’s 2017 annual meeting. We lost by a
narrow margin.
We
nominated a director for election at WAYN’s 2018 annual meeting with the belief that there have been multiple suitors interested
in acquiring WAYN, and that the board has a duty to evaluate strategic alternatives to maximize shareholder value. Our nominee was not
elected.
Due
to projected and achieved Return on Equity (ROE) targets since WAYN’s 2018 annual meeting, we did not seek board representation
in 2019.
Sound
Financial, Inc. (“SFBC”) - We filed our original Schedule 13D reporting our position on November 21, 2011. We urged management
and the board to pursue a second step conversion. On August 22, 2012, Sound Financial Bancorp, Inc. (“SFBC”) announced completion
of its second step conversion and our shares of SNFL were converted into shares of SFBC. We support maximizing shareholder value at SFBC.
Seneca-Cayuga
Bancorp, Inc. (“SCAY”) / Generations Bancorp NY, Inc. (GBNY) - We filed our original Schedule 13D reporting our
position in SCAY on September 15, 2014. We believed SCAY was positioned to provide meaningful returns to its shareholders either through
a second-step conversion or a shareholder-friendly capital allocation program. We encouraged management and the board to choose the path
that would maximize shareholder value, but they refused. On January 29, 2018, we served a letter to the board demanding that SCAY undertake
a second-step conversion. Instead, SCAY announced its merger with a smaller mutual. We re-served a demand for a second-step conversion
on June 12, 2019, and in furtherance to that, we served a demand for inspection of SCAY’s books and records on September 4, 2019.
When SCAY refused to permit the inspection of its books and records, we filed, on November 11, 2019, a motion to compel the production
of those books and records in U.S. District Court for the Western District of New York. SCAY filed a motion to dismiss, which the Judge
denied on April 7, 2020. The Judge ordered SCAY to begin the production of board materials for our inspection by June 1. SCAY announced
its intention to second-step on May 6, 2020, and we discontinued our lawsuit. On January 12, 2021, SCAY completed its second-step conversion
and ceased to exist. The new stock holding company, Generations Bancorp NY, Inc. (GBNY), began trading on January 13, 2021. We believe
GBNY should begin repurchasing shares as soon as regulations permit it to do so.
CIB
Marine Bancshares, Inc. (“CIBH”) - We believe management and the board are acting in good faith to maximize shareholder
value. CIBH deregistered its shares of common stock effective in 2012.
U
& I Financial Corp. (“UNIF”) - We have met with management and believe we can
work with management and the board to maximize shareholder value. Although UNIF’s common stock trades publicly on the OTCQX U.S.,
UNIF does not file reports with the SEC.
Cincinnati
Bancorp, Inc. (“CNNB”) - We filed our original Schedule 13D reporting our position on May 7, 2020.
Parkway
Acquisition Corp. (“PKKW”) - We filed our original Schedule 13D reporting our position on May 27, 2020. We believe PKKW
should repurchase at least 10% of its shares annually while the stock is trading below book value and have communicated our belief to
management.
ICC
Holdings, Inc. (“ICCH”) - We filed our original Schedule 13D reporting our position on December 28, 2020. We believe
management and the board should improve capital allocation and profitability at ICCH.
CUSIP No. 963025101
|
SCHEDULE 13D
|
Page 19
|
VII. We intend
to gain board representation and work to maximize shareholder value at the following issuers:
Brunswick
Bancorp (“BRBW”) - We met with the President, CFO and Chairman of the Board to express our views on BRBW’s
capital allocation, and they have indicated that they would rather grow than repurchase shares below book value. Therefore, in the
absence of material share repurchases, we nominated Corissa B. Porcelli (and Kerry G. Campbell as the alternate nominee) for
election as a director at BRBW’s 2021 annual meeting. She was not elected. We intend to nominate a candidate again in 2022.
BRBW deregistered its shares of common stock effective in 2007.
Peoples
Financial Corporation (“PFBX”) – We filed our original Schedule 13D reporting our position on November
23, 2020. On March 12, 2021 we announced our nominee for election as a director at PFBX’s 2021 annual meeting. He was not
elected. We intend to nominate a candidate again in 2022. We believe PFBX should explore all possibilities to maximize shareholder
value.
Item 5. Interest
in Securities of the Issuer
The
members of the Group beneficially own an aggregate of 1,181,336 shares of Common Stock. The percentages reported herein for the Group
are calculated based on the number of outstanding shares of Common Stock, 9,706,738, reported as the number of outstanding shares as
of May 4, 2021, in the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on May 6, 2021. The purchases and sales
of Common Stock reported in this item, if any, were made in open-market transactions.
|
(A)
|
Stilwell Value Partners VII
|
|
|
|
|
(a)
|
Aggregate number of shares beneficially owned: 1,181,336
|
|
|
Percentage: 12.2%
|
|
(b)
|
1. Sole power to vote or to direct vote: 0
|
|
|
2. Shared power to vote or to direct vote: 1,181,336
|
|
|
3. Sole power to dispose or to direct the disposition: 0
|
|
|
4. Shared power to dispose or to direct disposition: 1,181,336
|
CUSIP No. 963025101
|
SCHEDULE 13D
|
Page 20
|
|
(c)
|
Within the past 60 days, Stilwell Value Partners VII did not purchase
or sell shares of Common Stock. Within the past 60 days, Stilwell Value Partners VII sold shares of Series B Preferred Stock (as
defined in Item 6 below), shares of Series D Preferred Stock (as defined in Item 6 below) and entered into the Swap (as defined in
Item 6 below) transactions described on Schedule A attached hereto and incorporated herein by reference.
|
|
|
|
|
(d)
|
Because he is the managing member and owner of Stilwell
Value LLC, which is the general partner of Stilwell Value Partners VII, Joseph Stilwell has the power to direct the affairs of Stilwell
Value Partners VII, including the voting and disposition of shares of Common Stock held in the name of Stilwell Value Partners VII.
Therefore, Joseph Stilwell is deemed to share voting and disposition power with Stilwell Value Partners VII with regard to those
shares of Common Stock.
|
|
|
|
|
(B)
|
Stilwell Activist Fund
|
|
|
|
|
(a)
|
Aggregate number of shares beneficially owned: 1,181,336
|
|
|
Percentage: 12.2%
|
|
(b)
|
1. Sole power to vote or to direct vote:
0
|
|
|
2. Shared power to vote or to direct vote: 1,181,336
|
|
|
3. Sole power to dispose or to direct the disposition:
0
|
|
|
4. Shared power to dispose or to direct disposition:
1,181,336
|
|
(c)
|
Within the past 60 days, Stilwell Activist
Fund did not purchase or sell shares of Common Stock. Within the past 60 days, Stilwell Activist Fund sold shares of Series D Preferred
Stock (as defined in Item 6 below) and entered into the Swap (as defined in Item 6 below) transactions described on Schedule A
attached hereto and incorporated herein by reference.
|
|
|
|
|
(d)
|
Because he is the managing member and owner of Stilwell
Value LLC, which is the general partner of Stilwell Activist Fund, Joseph Stilwell has the power to direct the affairs of Stilwell
Activist Fund, including the voting and disposition of shares of Common Stock held in the name of Stilwell Activist Fund. Therefore,
Joseph Stilwell is deemed to share voting and disposition power with Stilwell Activist Fund with regard to those shares of Common
Stock.
|
|
|
|
|
(C)
|
Stilwell Activist Investments
|
|
|
|
|
(a)
|
Aggregate number of shares beneficially owned: 1,181,336
|
|
|
Percentage: 12.2%
|
|
(b)
|
1. Sole power to vote or to direct vote:
0
|
|
|
2. Shared power to vote or to direct vote: 1,181,336
|
|
|
3. Sole power to dispose or to direct the disposition:
0
|
|
|
4. Shared power to dispose or to direct disposition:
1,181,336
|
|
(c)
|
Within the past 60 days, Stilwell Activist
Investments did not purchase or sell shares of Common Stock. Within the past 60 days, Stilwell Activist Investments sold shares of
Series D Preferred Stock (as defined in Item 6 below) and entered into the Swap (as defined in Item 6 below) transactions described
on Schedule A attached hereto and incorporated herein by reference.
|
|
|
|
|
(d)
|
Because he is the managing member and owner of Stilwell
Value LLC, which is the general partner of Stilwell Activist Investments, Joseph Stilwell has the power to direct the affairs of
Stilwell Activist Investments, including the voting and disposition of shares of Common Stock held in the name of Stilwell Activist
Investments. Therefore, Joseph Stilwell is deemed to share voting and disposition power with Stilwell Activist Investments with regard
to those shares of Common Stock.
|
|
|
|
|
(D)
|
Stilwell Value LLC
|
|
|
|
|
(a)
|
Aggregate number of shares beneficially owned: 1,181,336
|
|
|
Percentage: 12.2%
|
|
(b)
|
1. Sole power to vote or to direct vote:
0
|
|
|
2. Shared power to vote or to direct vote: 1,181,336
|
|
|
3. Sole power to dispose or to direct the disposition:
0
|
|
|
4. Shared power to dispose or to direct disposition:
1,181,336
|
CUSIP No. 963025101
|
SCHEDULE 13D
|
Page 21
|
|
(c)
|
Stilwell Value LLC has made no purchases,
sales or transfers of shares of Common Stock.
|
|
(d)
|
Because he is the managing member and owner of Stilwell
Value LLC, Joseph Stilwell has the power to direct the affairs of Stilwell Value LLC. Stilwell Value LLC is the general partner of
Stilwell Value Partners VII, Stilwell Activist Fund, and Stilwell Activist Investments. Therefore, Stilwell Value LLC may be deemed
to share with Joseph Stilwell voting and disposition power with regard to the shares of Common Stock held by Stilwell Value Partners
VII, Stilwell Activist Fund, and Stilwell Activist Investments.
|
|
|
|
|
(E)
|
Joseph Stilwell
|
|
|
|
|
(a)
|
Aggregate number of shares beneficially owned: 1,181,336
|
|
|
Percentage: 12.2%
|
|
(b)
|
1. Sole power to vote or to direct vote:
0
|
|
|
2. Shared power to vote or to direct vote: 1,181,336
|
|
|
3. Sole power to dispose or to direct the disposition:
0
|
|
|
4. Shared power to dispose or to direct disposition:
1,181,336
|
|
(c)
|
Joseph Stilwell has made no purchases,
sales or transfers of shares of Common Stock.
|
Item 6. Contracts,
Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
On
April 10, 2019, Stilwell Activist Investments, Stilwell Activist Fund, Stilwell Value Partners VII and Stilwell Value LLC (collectively,
the “Stilwell Entities”) entered into Nominee Agreements with Joseph Stilwell, Paula J. Poskon and Kerry G. Campbell and
a Consent of Proposed Nominee with Mr. Stilwell. A copy of the Consent of Proposed Nominee was filed as Exhibit 12 to the Thirteenth
Amendment. Copies of the Nominee Agreements were filed as Exhibits 14 and 16 to the Thirteenth Amendment. On October 23, 2019, each of
the nominees executed updated written consents pursuant to the Nominee Agreements originally entered into on April 10, 2019 between the
nominees and the Stilwell Entities. Joseph Stilwell delivered an updated Consent of Proposed Nominee on the same date. At the Issuer’s
shareholders meeting on December 19, 2019, each of the three nominees of the Stilwell Entities was successfully elected to the Issuer’s
board of directors. On June 19, 2020, the Issuer’s board of directors appointed E.J. Borrack, General Counsel of The Stilwell
Group, to its board to fill a vacancy on the board.
Stilwell Activist Investments entered into a certain cash-settled total
return swap agreement, effective as of January 22, 2019 (the “Swap Agreement”), pursuant to which it purchased certain cash-settled
swaps (the “Swaps”) constituting economic exposure to notional shares of the Issuer’s Series B Convertible Preferred
Stock (the “Series B Preferred Stock) and Series D Cumulative Convertible Preferred Stock (the “Series D Preferred Stock”)
with maturity dates of March 1, 2022. Stilwell Activist Fund entered into a certain cash-settled total return swap agreement, effective
as of May 20, 2019 (the “Additional Swap Agreement”), pursuant to which it purchased Swaps constituting economic exposure
to notional shares of the Series B and Series D Preferred Stock with maturity dates of March 1, 2022. Additionally, Stilwell Value Partners
VII entered into a certain cash-settled total return swap agreement, effective as of May 20, 2019 (the “Second Additional Swap Agreement,”
together with the Swap Agreement and the Additional Swap Agreement, the “Stilwell Swap Agreements”), pursuant to which it
purchased Swaps constituting economic exposure to notional shares of the Series B and Series D Preferred Stock with maturity dates of
March 1, 2022. The Stilwell Swap Agreements provided Stilwell Activist Investments, Stilwell Activist Fund, and Stilwell Value Partners
VII with economic results that were comparable to the economic results of ownership but did not provide them with the power to vote or
direct the voting or dispose of or direct the disposition of the shares of the Series B and Series D Preferred Stock that were the subject
of the Swaps. Pursuant to the Stilwell Swap Agreements, Stilwell Activist Investments, Stilwell Activist Fund, and Stilwell Value Partners
VII had an aggregate economic exposure of 453,281 shares of the Series D Preferred Stock (representing approximately 12.59% of the outstanding
shares of Series D Preferred Stock on the same basis) and 79,642 shares of the Series B Preferred Stock (representing approximately 4.25%
of the outstanding Series B Preferred Stock on the same basis). As of May 20, 2021, Stilwell Activist Investments, Stilwell Activist Fund,
and Stilwell Value Partners VII settled all of their respective Swaps under the Stilwell Swap Agreements and no longer owned any economic
exposure of the Series D Preferred Stock and Series B Preferred Stock.
CUSIP No. 963025101
|
SCHEDULE 13D
|
Page 22
|
Other
than the Consent of Proposed Nominee, the Nominee Agreements, the Swap Agreement, the Additional Swap Agreement, and the Second Additional
Swap Agreement all as described above, and the Amended Joint Filing Agreement filed as Exhibit 18 to the Eighteenth Amendment, there
are no contracts, arrangements, understandings or relationships among the persons named in Item 2 hereof and between such persons and
any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any of the securities, finders’
fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, divisions of profits or losses, or the giving
or withholding of proxies, except for sharing of profits. Stilwell Value LLC, in its capacity as general partner of Stilwell Value Partners
VII, Stilwell Activist Fund, Stilwell Activist Investments, and Joseph Stilwell, in his capacities as the managing member and owner of
Stilwell Value LLC, are entitled to an allocation of a portion of profits.
See
Items 1 and 2 above regarding disclosure of the relationships between members of the Group, which disclosure is incorporated herein by
reference.
CUSIP No. 963025101
|
SCHEDULE 13D
|
Page 23
|
Item 7. Material to be Filed as Exhibits
Exhibit
No.
|
|
Description
|
1
|
|
Joint Filing Agreement, dated July 3, 2017, filed with the Original Schedule 13D
|
2
|
|
Consent of Proposed Nominee, dated November 30, 2017, with Nominee Joseph D. Stilwell, filed with the Second Amendment
|
3
|
|
Nominee Agreement, dated November 30, 2017, with Nominee Paula J. Poskon, filed with the Second Amendment
|
4
|
|
Nominee Agreement, dated November 30, 2017, with Nominee Corissa B. Porcelli (formerly Corissa J. Briglia), filed with the Second Amendment
|
5
|
|
Letter to the Shareholders of the Issuer, dated June 22, 2018, filed with the Fifth Amendment
|
6
|
|
Letter to the Shareholders of the Issuer, dated July 9, 2018, filed with the Seventh Amendment
|
7
|
|
Letter to the Shareholders of the Issuer, dated July 24, 2018, filed with the Eighth Amendment
|
8
|
|
Letter to the Shareholders of the Issuer, dated August 16, 2018, filed with the Ninth Amendment
|
9
|
|
Letter to the Shareholders of the Issuer, dated September 5, 2018, filed with the Tenth Amendment
|
10
|
|
Letter to the Shareholders of the Issuer, dated September 18, 2018, filed with the Eleventh Amendment
|
11
|
|
Photograph of sign, dated October 29, 2018, filed with the Twelfth Amendment
|
12
|
|
Consent of Proposed Nominee, dated April 10, 2019, with Nominee Joseph D. Stilwell, filed with the Thirteenth Amendment
|
13
|
|
Nominee Agreement, dated April 10, 2019, with Nominee Kerry G. Campbell, filed with the Thirteenth Amendment
|
14
|
|
Nominee Agreement, dated April 10, 2019, with Nominee Paula J. Poskon, filed with the Thirteenth Amendment
|
15
|
|
Amended Joint Filing Agreement, dated May 2, 2019, filed with the Fourteenth Amendment
|
16
|
|
Letter to the Shareholders of the Issuer, dated July 8, 2019, filed with the Sixteenth Amendment
|
17
|
|
Letter to the Shareholders of the Issuer, dated November 14, 2019, filed with the Eighteenth Amendment
|
18
|
|
Amended Joint Filing Agreement, dated November 14, 2019, filed with the Eighteenth Amendment
|
19
|
|
Letter to the Shareholders of the Issuer, dated November 19, 2019, filed with the Nineteenth Amendment
|
CUSIP No. 963025101
|
SCHEDULE 13D
|
Page 24
|
SIGNATURES
After
reasonable inquiry and to the best of our knowledge and belief, we certify that the information set forth in this statement is true,
complete and correct.
Date: May 26, 2021
|
STILWELL VALUE PARTNERS VII, L.P.
|
|
|
|
By:
|
STILWELL VALUE LLC
|
|
|
General Partner
|
|
|
|
|
/s/ Megan Parisi
|
|
|
By:
|
Megan Parisi
|
|
|
|
Member
|
|
|
|
|
|
STILWELL ACTIVIST FUND, L.P.
|
|
|
|
By:
|
STILWELL VALUE LLC
|
|
|
General Partner
|
|
|
|
|
/s/ Megan Parisi
|
|
|
By:
|
Megan Parisi
|
|
|
|
Member
|
|
|
|
|
|
STILWELL ACTIVIST INVESTMENTS, L.P.
|
|
|
|
By:
|
STILWELL VALUE LLC
|
|
|
General Partner
|
|
|
|
|
|
|
/s/ Megan Parisi
|
|
|
By:
|
Megan Parisi
|
|
|
|
Member
|
|
|
|
|
|
STILWELL VALUE LLC
|
|
|
|
|
/s/ Megan Parisi
|
|
By:
|
Megan Parisi
|
|
|
Member
|
|
|
|
JOSEPH STILWELL
|
|
|
|
|
/s/ Joseph Stilwell*
|
|
Joseph Stilwell
|
*/s/ Megan Parisi
|
|
Attorney-In-Fact
|
|
SCHEDULE A
Transactions
by Stilwell Value Partners VII
Nature of Transaction
|
|
Date
|
|
Number of
Securities
|
|
|
Price Per
Share
|
|
|
Total
Purchase
or Sale
Price
|
|
Sale of Shares of Series B Preferred Stock
|
|
03/31/21
|
|
|
8,200
|
|
|
$
|
11.0040
|
|
|
$
|
56,395.50
|
|
Sale of Shares of Series D Preferred Stock
|
|
05/18/21
|
|
|
19,859
|
|
|
$
|
18.0000
|
|
|
$
|
526,914.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/23/21
|
|
|
1,548
|
|
|
$
|
17.7578
|
|
|
$
|
27,489.13
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/25/21
|
|
|
612
|
|
|
$
|
18.0000
|
|
|
$
|
11,016.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/30/21
|
|
|
1,429
|
|
|
$
|
18.0000
|
|
|
$
|
25,722.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/31/21
|
|
|
544
|
|
|
$
|
18.2500
|
|
|
$
|
9,928.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/01/21
|
|
|
1,164
|
|
|
$
|
18.2500
|
|
|
$
|
21,243.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/05/21
|
|
|
8,526
|
|
|
$
|
18.2500
|
|
|
$
|
155,599.50
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/06/21
|
|
|
5,634
|
|
|
$
|
18.2500
|
|
|
$
|
102,820.50
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/07/21
|
|
|
55
|
|
|
$
|
18.2500
|
|
|
$
|
1,003.75
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/15/21
|
|
|
690
|
|
|
$
|
18.2500
|
|
|
$
|
12,592.50
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/19/21
|
|
|
367
|
|
|
$
|
18.2500
|
|
|
$
|
6,697.75
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/23/21
|
|
|
277
|
|
|
$
|
18.2500
|
|
|
$
|
5,055.25
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/29/21
|
|
|
8
|
|
|
$
|
18.2500
|
|
|
$
|
146.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/03/21
|
|
|
7
|
|
|
$
|
18.2500
|
|
|
$
|
127.75
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/04/21
|
|
|
204
|
|
|
$
|
18.2500
|
|
|
$
|
3,723.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/05/21
|
|
|
113
|
|
|
$
|
18.2500
|
|
|
$
|
2,062.25
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/06/21
|
|
|
5
|
|
|
$
|
18.2500
|
|
|
$
|
91.25
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/17/21
|
|
|
498
|
|
|
$
|
18.2500
|
|
|
$
|
9,088.50
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/18/21
|
|
|
236
|
|
|
$
|
18.2500
|
|
|
$
|
4,307.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/19/21
|
|
|
241
|
|
|
$
|
18.2500
|
|
|
$
|
4,398.25
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/20/21
|
|
|
124
|
|
|
$
|
18.2500
|
|
|
$
|
2,263.00
|
|
Sale of Cash-Settled Swap - Series B Preferred Stock
|
|
03/23/21
|
|
|
125
|
|
|
$
|
12.0000
|
|
|
$
|
1,500.00
|
|
Sale of Cash-Settled Swap - Series B Preferred Stock
|
|
03/30/21
|
|
|
10,000
|
|
|
$
|
11.1439
|
|
|
$
|
111,439.00
|
|
Sale of Cash-Settled Swap - Series B Preferred Stock
|
|
03/30/21
|
|
|
15
|
|
|
$
|
11.1000
|
|
|
$
|
166.50
|
|
Sale of Cash-Settled Swap - Series B Preferred Stock
|
|
03/30/21
|
|
|
565
|
|
|
$
|
11.0000
|
|
|
$
|
6,215.00
|
|
Sale of Cash-Settled Swap - Series B Preferred Stock
|
|
03/31/21
|
|
|
45,224
|
|
|
$
|
11.0000
|
|
|
$
|
497,464.00
|
|
Transactions
by Stilwell Activist Fund
Nature of Transaction
|
|
Date
|
|
Number of
Securities
|
|
|
Price Per
Share
|
|
|
Total
Purchase
or Sale
Price
|
|
Sale of Shares of Series D Preferred Stock
|
|
05/18/21
|
|
|
5,296
|
|
|
$
|
18.0000
|
|
|
$
|
140,526.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/23/21
|
|
|
3,773
|
|
|
$
|
17.7578
|
|
|
$
|
67,000.31
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/24/21
|
|
|
754
|
|
|
$
|
18.0000
|
|
|
$
|
13,572.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/25/21
|
|
|
688
|
|
|
$
|
18.0000
|
|
|
$
|
12,384.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/29/21
|
|
|
512
|
|
|
$
|
18.0049
|
|
|
$
|
9,218.51
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/30/21
|
|
|
2,970
|
|
|
$
|
18.0000
|
|
|
$
|
53,460.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/31/21
|
|
|
1,327
|
|
|
$
|
18.2500
|
|
|
$
|
24,217.75
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/01/21
|
|
|
2,839
|
|
|
$
|
18.2500
|
|
|
$
|
51,811.75
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/05/21
|
|
|
20,803
|
|
|
$
|
18.2500
|
|
|
$
|
379,654.75
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/06/21
|
|
|
13,746
|
|
|
$
|
18.2500
|
|
|
$
|
250,864.50
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/07/21
|
|
|
135
|
|
|
$
|
18.2500
|
|
|
$
|
2,463.75
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/15/21
|
|
|
1,684
|
|
|
$
|
18.2500
|
|
|
$
|
30,733.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/19/21
|
|
|
895
|
|
|
$
|
18.2500
|
|
|
$
|
16,333.75
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/23/21
|
|
|
675
|
|
|
$
|
18.2500
|
|
|
$
|
12,318.75
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/29/21
|
|
|
20
|
|
|
$
|
18.2500
|
|
|
$
|
365.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/03/21
|
|
|
18
|
|
|
$
|
18.2500
|
|
|
$
|
328.50
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/04/21
|
|
|
498
|
|
|
$
|
18.2500
|
|
|
$
|
9,088.50
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/05/21
|
|
|
276
|
|
|
$
|
18.2500
|
|
|
$
|
5,037.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/06/21
|
|
|
12
|
|
|
$
|
18.2500
|
|
|
$
|
219.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/17/21
|
|
|
1,214
|
|
|
$
|
18.2500
|
|
|
$
|
22,155.50
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/18/21
|
|
|
575
|
|
|
$
|
18.2500
|
|
|
$
|
10,493.75
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/19/21
|
|
|
587
|
|
|
$
|
18.2500
|
|
|
$
|
10,712.75
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/20/21
|
|
|
305
|
|
|
$
|
18.2500
|
|
|
$
|
5,566.25
|
|
Sale of Cash-Settled Swap - Series B Preferred Stock
|
|
03/30/21
|
|
|
485
|
|
|
$
|
11.1000
|
|
|
$
|
5,383.50
|
|
Sale of Cash-Settled Swap - Series B Preferred Stock
|
|
03/31/21
|
|
|
2,074
|
|
|
$
|
11.0000
|
|
|
$
|
22,814.00
|
|
Transactions
by Stilwell Activist Investments
Nature of Transaction
|
|
Date
|
|
Number of
Securities
|
|
|
Price Per
Share
|
|
|
Total
Purchase
or Sale
Price
|
|
Sale of Shares of Series D Preferred Stock
|
|
05/18/21
|
|
|
42,786
|
|
|
$
|
18.0000
|
|
|
$
|
1,135,242.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/23/21
|
|
|
19,679
|
|
|
$
|
17.7578
|
|
|
$
|
349,456.43
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/23/21
|
|
|
6,492
|
|
|
$
|
17.7578
|
|
|
$
|
115,283.86
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/24/21
|
|
|
5,231
|
|
|
$
|
18.0000
|
|
|
$
|
94,158.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/25/21
|
|
|
4,775
|
|
|
$
|
18.0000
|
|
|
$
|
85,950.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/29/21
|
|
|
3,550
|
|
|
$
|
18.0049
|
|
|
$
|
63,917.40
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/30/21
|
|
|
25
|
|
|
$
|
18.2500
|
|
|
$
|
456.25
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/30/21
|
|
|
20,601
|
|
|
$
|
18.0000
|
|
|
$
|
370,818.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
03/31/21
|
|
|
9,209
|
|
|
$
|
18.2500
|
|
|
$
|
168,064.25
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/01/21
|
|
|
19,696
|
|
|
$
|
18.2500
|
|
|
$
|
359,452.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/05/21
|
|
|
144,317
|
|
|
$
|
18.2500
|
|
|
$
|
2,633,785.25
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/06/21
|
|
|
95,361
|
|
|
$
|
18.2500
|
|
|
$
|
1,740,338.25
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/07/21
|
|
|
938
|
|
|
$
|
18.2500
|
|
|
$
|
17,118.50
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/15/21
|
|
|
11,680
|
|
|
$
|
18.2500
|
|
|
$
|
213,160.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/19/21
|
|
|
6,210
|
|
|
$
|
18.2500
|
|
|
$
|
113,332.50
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/23/21
|
|
|
4,685
|
|
|
$
|
18.2500
|
|
|
$
|
85,501.25
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
04/29/21
|
|
|
140
|
|
|
$
|
18.2500
|
|
|
$
|
2,555.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/03/21
|
|
|
124
|
|
|
$
|
18.2500
|
|
|
$
|
2,263.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/04/21
|
|
|
3,454
|
|
|
$
|
18.2500
|
|
|
$
|
63,035.50
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/05/21
|
|
|
1,911
|
|
|
$
|
18.2500
|
|
|
$
|
34,875.75
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/06/21
|
|
|
83
|
|
|
$
|
18.2500
|
|
|
$
|
1,514.75
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/17/21
|
|
|
8,422
|
|
|
$
|
18.2500
|
|
|
$
|
153,701.50
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/18/21
|
|
|
3,989
|
|
|
$
|
18.2500
|
|
|
$
|
72,799.25
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/19/21
|
|
|
4,072
|
|
|
$
|
18.2500
|
|
|
$
|
74,314.00
|
|
Sale of Cash-Settled Swap - Series D Preferred Stock
|
|
05/20/21
|
|
|
2,049
|
|
|
$
|
18.2500
|
|
|
$
|
37,394.25
|
|
Sale of Cash-Settled Swap - Series B Preferred Stock
|
|
03/30/21
|
|
|
4,010
|
|
|
$
|
11.0000
|
|
|
$
|
44,110
|
|
Sale of Cash-Settled Swap - Series B Preferred Stock
|
|
03/31/21
|
|
|
17,144
|
|
|
$
|
11.0000
|
|
|
$
|
188,584
|
|