MutualFirst Financial Inc. nominated James Bernard to its board, pursuant to a standstill agreement with shareholder activist Ancora Advisors LLC and related entities.
Bernard will also be a director of subsidiary MutualBank. His terms on both boards are set to expire at the Muncie, Ind.-based company's 2020 annual shareholder meeting.
Ancora in early March reported a 7.22% interest in MutualFirst. Under their agreement's terms, the investor agreed to not increase its stake in MutualFirst beyond 9.99%, acquire or finance the acquisition of any of the company's assets, or transfer its shares to any investor with a 5% or higher stake. Ancora is MutualFirst's second-largest institutional investor, according to SNL data. PL Capital Advisors LLC is the largest, and the group's Richard Lashley is on Mutual First's board.