Varonica Ragan has been named to the board of Anchor Bancorp, the Lacey-based parent company of Anchor Bank, according to an SEC filing.
Ragan’s appointment completes a process that began in October when activist investor Joel Lawson IV of Pennsylvania, through letters and other SEC filings, urged Anchor to do more to maximize shareholder value, including a possible sale of the company. He also sought a seat on the board and asked for shareholder support.
Lawson took his agent-of-change message to the company’s annual shareholder meeting in Lacey, and shareholders backed him, voting overwhelmingly for his candidacy to the board. Lawson is not a resident of Washington state, so he was prevented from taking a seat on the board, according to Anchor Bancorp’s bylaws.
However, in light of the shareholder support for Lawson, the company agreed to let him recommend a board member. His choice was Ragan.
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Ragan is the chief compliance officer and director of accounting and finance at Brighton Jones LLC of Seattle.