BankFinancial expanded its board of directors with the election of Aaron O’Connor and Benjamin Mackovak.
O’Connor is a certified public accountant and is a partner with Bridge CPA. He was formerly a partner at the public accounting firm PKF Mueller and a financial services partner with the public accounting firm Crowe. O’Connor has served on the board of directors of BankFinancial since January 2023. O’Connor will serve as a director of BankFinancial in the class of directors with terms expiring at BFIN’s 2025 Annual Meeting of stockholders.
Mackovak is a co-founder and managing member of Strategic Value Bank Partners, an investment firm based in Cleveland that invests in community banks. Strategic Value Bank Partners is one of BankFinancial’s larger institutional stockholders. Mackovak has significant current and prior experience as a board member of other community banks and thrifts. Prior to co-founding Strategic Value Bank Partners, Mackovak had senior leadership roles and experience with several investment analysis and advisory firms since 2004. Mackovak will serve as a director of BankFinancial in the class of directors with terms expiring at BFIN’s 2026 Annual Meeting of stockholders.
On Feb. 7, 2024, BankFinancial, Strategic Value Bank Partners, Strategic Value Investors and Mackovak (collectively, SVB partners parties) agreed to a standstill agreement. The agreement provides that, among other things, at any annual meeting of BankFinancial’s stockholders during the standstill period provided for in the standstill agreement, the SVB partners parties will vote all BankFinancial shares that they beneficially own in favor of the nominees for election or reelection as a director selected by the corporate governance and nominating committee of BankFinancial’s board of directors and will otherwise support such director candidates, and with respect to any other proposal submitted by any stockholder, will vote all BankFinancial shares that they beneficially own in accordance with the recommendation of BankFinancial’s board of directors.
“The addition of Mr. O’Connor and Mr. Mackovak to the board of directors contributes additional financial services expertise and experience and, in the case of Mr. Mackovak, continues our practice of institutional investor/shareholder representation on the board,” F. Morgan Gasior, chairman and CEO of BankFinancial, said.
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