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Joel Lawson letter to Anchor Bancrop shareholders

I am currently soliciting your vote on the GOLD proxy card to be elected to the Board at the annual meeting on October 21, 2015.  I would like to clarify my platform and position of the Company.  Anchor is currently earning an approximate 2% ROE, which is well below its cost of capital.  I believe that the Company should immediately form a Special Committee to explore strategic alternatives, including a sale of the Company.

If elected to the Board, I would urge and expect the Board to form such a Special Committee to explore a sale of the Company.  This Special Committee would include myself and only non-insiders of the Board.  I do not believe that waiting 2-3 years to explore strategic alternatives is in the best interests of shareholders.  I do not believe the Company will accrete franchise value in excess of its cost of capital over the next 2-3 years.

The capital markets for bank M&A are open; this may not be the case in 2-3 years.  I believe not fully exploring a potential sale of the Company now is doing a disservice to shareholders.


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BWIJoel Lawson, Anchor Bancorp