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Equitable Financial investor names director nominee

Elkhorn Partners Ltd. Partnership wants board representation at Equitable Financial Corp., in which it owns a 9.3% stake.

The investor will push for the election of Wayne Cadwallader as director at the Nov. 27 annual shareholder meeting. Cadwallader, 61, is the partnership's managing partner for research. Elkhorn said he could bring an "experience with public companies, mergers and acquisitions, capital markets and investment analysis" that the current board may lack.

Elkhorn's 9.3% interest in the Grand Island, Neb.-based company is based on its ownership of 313,000 Equitable common shares out of 3,359,845 shares outstanding. It had bought 5,100 shares over the past 60 days, at per-share prices of $10.31 to $10.76.

Elkhorn in December 2015 reported owning 253,700 Equitable shares, or a 7.3% stake.

Equitable Financial is the holding company of Equitable Bank, which had $270.3 million in assets at the end of 2017.