Anchor Bank parent names new board member

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.

Ragan is the chief compliance officer and director of accounting and finance at Brighton Jones LLC of Seattle.

This story was originally published December 16, 2015 at 6:41 AM with the headline "Anchor Bank parent names new board member."