Harvard Illinois Bancorp: Stilwell Might Win The Proxy Marathon
- Joseph Stilwell is currently in his third proxy contest with HARI to appoint a nominee to the board.
- Despite HARI's focus on share increase since 2/1/2012, the bank has been performing below savings institution peers.
- The bank continues to trade below book value, because the market thinks that excess capital will continue indefinitely and does not factor in a potential for a sale.
- A 45% chance of a merger in the near term would equal 24% upside.