NAPERVILLE, Ill., Nov. 19, 2013 /PRNewswire/ -- The PL Capital Group is pleased to announce the nomination of Howard Henick to serve as a director of Alliance Bancorp, Inc. of Pennsylvania (Nasdaq: ALLB), in opposition to a director nominee who will be nominated by Alliance Bancorp. It is expected that Alliance Bancorp's 2014 Annual Meeting of Shareholders will be held in April 2014. The PL Capital Group beneficially owns 9.2% of Alliance Bancorp's outstanding common stock. Mr. Henick and his affiliates beneficially own 0.8% of Alliance Bancorp's outstanding common stock. The PL Capital Group plans to file proxy materials with the Securities and Exchange Commission asking for shareholders to vote for the PL Capital Group's nominee, Mr. Henick, on the WHITE proxy card.
PL Capital Group principal John Palmer added, "Howard is a superb candidate. He has over 30 years of relevant experience as a lawyer and financial executive primarily dealing with banks and thrifts throughout the U.S. We believe he will make a great addition to the Alliance Bancorp board of directors."
PL Capital Group principal Richard Lashley noted, "We are pursuing this course of action because we want to take steps to maximize the long-term value of Alliance Bancorp for all shareholders. To this end, we had requested a board seat, but the CEO and board of directors refused PL Capital's request. While our preference was for Alliance Bancorp to avoid the expense and distraction associated with a proxy contest, we believe it is in the best interests of all shareholders to have new representation on the board."
Alliance Bancorp is a $436 million in assets bank headquartered in Broomall, Pennsylvania. The PL Capital Group is a group of investment entities dedicated to managing investments in U.S. community banks and thrifts.Mr. Henick is a member of SD Capital Partners, LLC. SD Capital Partners, LLC is the general partner of SD Financial Institutions and Value Opportunity Fund, LP (the "SD Fund"), an investment fund specializing in U.S. community banks and thrifts. Mr. Henick serves as an Equity Portfolio Manager at ScurlyDog Capital, LLC, the investment advisor to the SD Fund.