Sound Financial Bancorp (SFBC) Unveils Director Nominees, Including Stilwell's Representative

Key Summary: Joseph Stilwell sought board representation to maximize shareholder value. On February 14, 2024, his nominee was announced as director nominees for election at the Annual Meeting.

Market Cap: $100 million | Sound Financial Bancorp, Inc. operates as the bank holding company for Sound Community Bank that provides banking and other financial services for consumers and businesses.  

Background

• On May 12, 2023, Joseph Stilwell (13.1%) sought board representation stating that he do not believe the value of the company' assets is adequately reflected in the current market price of the common stock. Source

• On August 1, 2023, Joseph Stilwell (14.3%) reiterated that he sought board representation and support maximizing shareholder value at the company. Source

• On November 3, 2023, Joseph Stilwell (15.4%) reiterated that he sought board representation and support maximizing shareholder value at the company.

Update

On February 14, 2024, the company announced its director nominees for election at the Annual Meeting in its Form 8-K, which nominees include Ms. Porcelli (Stilwell's nominee). Source