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Wayne Savings criticizes Stilwell's 'limited agenda'

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Wayne Savings criticizes Stilwell's 'limited agenda'

The following is a summary of recent activist investor news from the bank and thrift space. Each company "in play" is listed along with the activist group and that group's ownership stake in the company, where applicable.

Weatogue, Conn.-based SBT Bancorp Inc.

Investor: Lawrence Seidman, et al., 7.4%

Jan. 26: SBT's Simsbury Bank & Trust Co. said Michael Hammer has joined its board on Seidman's recommendation. Hammer is a Seidman & Associates LLC analyst and is chief compliance officer of affiliate Veteri Place Corp.

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Wooster, Ohio-based Wayne Savings Bancshares Inc.

Investor: Joseph Stilwell, Stilwell Value LLC, et al., 9.6%

Jan. 16: Wayne Savings' board, in a letter to shareholders, said the investor's push for board representation was in service of "its own limited agenda" and "could derail the significant progress [already] made."

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Seattle-based HomeStreet Inc.

Investor: Roaring Blue Lion Capital Management LP, 5.4%

Jan. 17: Roaring Blue Lion continued to criticize HomeStreet's performance, slamming the company for "dramatically underperforming its peers on nearly every key operating metric" and for its rejection of Charles Griege Jr. as a potential director. It said it will nominate "professionals to this Board that will be tolerant of alternative perspectives."