Joel Lawson owns 8.9% of Anchor Bancorp (NASDAQ: ANCB) and is now pushing for a sale of the $57 million market cap community bank serving Western Washington. It runs 11 banks in the area. Community bank activism is a hot topic these days.
Joel wants a board seat and nominates himself to the board. Per the letter below, Joel notes that the company is facing a long and uncertain path towards earning its cost of capital. It wants the bank to explore a sale.
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