Activist Manager Catches Bank Chair Sleeping On Job

Apr 11 2014 | 9:05am ET

Activist hedge fund Stilwell Value Partners has caught the board of a bank it has in its sights sleeping on the job—quite literally.

Joseph Stilwell's fund, which owns an estimated 9.6% of Harvard Illinois Bancorp, filed a picture of the bank's chairman catching a few z's at an annual meeting. The photo, part of a Schedule 14A SEC filing, carried the following caption:

“Below is a picture taken at last year’s annual shareholder meeting of our Bank’s Chairman. None of the other board members bothered to wake him up. If you, like me, believe it’s time to bring a fresh influence to our Bank’s board of directors, please vote the GREEN proxy card for Mark Saladin. Sincerely, Joseph Stilwell”

Saladin is Stilwell's board nominee.

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