Page 16 of 23 – SEC Filing
| CUSIP No. 743868101 | SCHEDULE 13D | Page 16 of 23 |
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
believe management and the board are acting in good faith to maximize shareholder value.
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 J. Briglia, was appointed to the board of directors.
Delanco Bancorp,
Inc. (“DLNO”) – We filed our original Schedule 13D reporting our position on October 28, 2013. We reached an agreement
with DLNO, and on May 23, 2017, our representative, Corissa J. Briglia, was appointed to the board of directors.
V. We hope
to work with management and the boards of the following issuers:
Jacksonville Bancorp,
Inc. (“JXSB”) – We filed our original Schedule 13D reporting our position on July 5, 2011. We support JXSB’s
consistent efforts to maximize shareholder value through share repurchases and payments of special dividends.
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 SFBC’s
consistent efforts to maximize shareholder value.
IF Bancorp, Inc.
(“IROQ”) – We filed our original Schedule 13D reporting our position on March 5, 2012. We believe IROQ is positioned
to consistently repurchase its shares, and we have urged management and the board to do so. We believe IROQ must increase its rate
of share repurchases while the shares remain below book value.
Hamilton Bancorp,
Inc. (“HBK”) – We filed our original Schedule 13D reporting our position on October 22, 2012. We believe HBK’s
acquisition of FMTB and FRTR is in the best interest of shareholders.
Carroll Bancorp,
Inc. (“CROL”) – We filed our original Schedule 13D reporting our position on March 17, 2014. We are evaluating
management and the board’s actions regarding maximizing shareholder value.
Seneca-Cayuga Bancorp,
Inc. (“SCAY”) – We filed our original Schedule 13D reporting our position on September 15, 2014. We believe SCAY
is positioned to provide meaningful returns to its shareholders either through a second-step conversion or by effectuating a shareholder-friendly
capital allocation program. We are encouraging management and the board to choose a path that will maximize shareholder value.
Ben Franklin Financial,
Inc. (“BFFI”) – We filed our original Schedule 13D reporting our position on February 9, 2015. We will urge management
and the board to repurchase shares as soon as BFFI is permitted.
Central Federal
Bancshares, Inc. (“CFDB”) – We filed our original Schedule 13D reporting our position on January 25, 2016. We will
urge management and the board to repurchase shares as soon as CFDB is permitted.
First Federal of
Northern Michigan Bancorp, Inc. (“FFNM”) – We filed our original Schedule 13D reporting our position on February
29, 2016. We believe FFNM is positioned to repurchase shares, and we urge management and the board to do so.
First Advantage Bancorp (“FABK”) –
We filed our original Schedule 13D reporting our position on March 20, 2017. We believe management and the board will act in good
faith to maximize shareholder value over the long term.
