BankFinancial in Burr Ridge, Ill., has reached a truce with an activist investor and added two directors to its board.
The $1.5 billion-asset company said in a press release that Benjamin Mackovak had become a director as part of a standstill agreement with Strategic Value Bank Partners and Strategic Value Investors. Mackovak is managing member of Strategic Value Bank Partners.
The investors agreed to back BankFinancial’s director nominees at the next annual meeting. They will also support any board recommendation requiring votes at the meeting.
Separately, BankFinancial said that Aaron O’Connor, a director at its bank, will also join its board.
The directors will add “financial services expertise and experience” to the board, F. Morgan Gasior, BankFinancial’s chairman and CEO, said in the release. Adding Mackovak “continues our practice of institutional investor/shareholder representation on the board.”