Anchor Bancorp board strikes deal with activist investor Lawson

The Lacey-based parent company of Anchor Bank announced late Thursday that its board of directors had struck a deal with activist investor Joel Lawson IV after shareholders voted overwhelmingly for his candidacy to the board.

The annual shareholders meeting took place Wednesday morning in Lacey; voting results were announced shortly before 5 p.m. Thursday, according to an Anchor Bancorp news release.

Anchor Bancorp’s bylaws require that board members must be Washington state residents. However, in light of the shareholder support for Lawson of Berwyn, Pennsylvania, the board agreed to the following: to allow Lawson to appoint a Washington state resident of his choice to the board of directors.

“Mr. Lawson’s designee to the board of directors will chair a newly formed committee to explore strategic alternatives and retain an investment banker,” the company announced in a statement.

Lawson, who owns about 9 percent of Anchor Bancorp, received about 67 percent of the outstanding shares of the company in favor of his election to the board, according to the news release.

“I am deeply appreciative of the overwhelming support of my fellow shareholders,” said Lawson in a statement.

Lawson, in recent SEC filings and releases, had explained his reasoning for wanting a seat on the board, arguing that Anchor Bancorp had underperformed, relative to its banking peers, and that a sale should be considered. But there also was resistance to his efforts.

Anchor President and Chief Executive Jerry Shaw said Thursday that the message was heard.

“We fully understand and agree with the message that the shareholder vote provided of the shareholders’ desire that the company carefully review its strategic options to maximize shareholder value,” he said in a statement.

This story was originally published October 22, 2015 at 10:57 PM with the headline "Anchor Bancorp board strikes deal with activist investor Lawson."