MB Bancorp Inc. on Feb. 20 reached standstill agreements with two of its investors, under which the company expands its board and that of Madison Bank of Maryland to accommodate two new directors.
Those directors are Corissa Briglia, who represents the interests of the Stilwell Group, and Jeffrey Thorp. Joseph Stilwell and related investment vehicles beneficially own an aggregate 9.5% stake in Forest Hill, Md.-based MB; Thorp owns a 9.3% stake.
Briglia's and Thorp's board appointments take effect March 27, and their terms expire at the company's 2018 annual shareholder meeting. They will then be nominated for terms expiring in 2019.
In exchange, the Stilwell Group, Briglia and Thorp agree to not sue the company, push for its sale or solicit proxies that counter the MB board's own proposals.
With their addition and the Feb. 20 retirement of director Barry Kuhne, the boards of MB and Madison Bank will each have nine members. Kuhne was given the title director emeritus.