Joseph Stilwell's investment group disclosed beneficial ownership of 91,635 FSB Bancorp Inc. shares, representing a 4.7% stake in the Fairport, N.Y.-based company based on 1,941,688 outstanding common shares as of Nov. 14.

In an amended Schedule 13D filed Dec. 9, Stilwell also said that Stilwell Activist Fund and Stilwell Activist Investments are no longer members of the group.

From Nov. 30 to Dec. 7, Stilwell Activist Fund sold 3,913 FSB Bancorp common shares at per-share prices ranging from $14.10 to $14.31. From Nov. 28 to Dec. 7, Stilwell Activist Investments sold 31,584 FSB Bancorp common shares at prices ranging from $14.10 to $14.38 apiece.

The group believes management and the board acted in good faith and took steps to maximize shareholder value through the company's second-step conversion.

In March, the group reported a 6.4% stake in FSB Community Bankshares, which was then in the conversion and reorganization process.