Egan-Jones Recommends That Hampden Shareholders Vote IN FAVOR Of All Hampden Board Nominees And REJECT The Proposal Put Forth By The Clover Group

Hampden Bancorp, Inc. (the “Company”) (NASDAQ - HBNK), the holding company for Hampden Bank (“Hampden” or the “Bank”), today announced that leading proxy advisory service Egan-Jones Proxy Services (Egan-Jones) has recommended that Hampden Bancorp shareholders vote the BLUE proxy card IN FAVOR of the entire slate of Hampden’s Board’s nominees and AGAINST the Clover Group’s proposal to explore a sale or merger of the Company.

In its October 23, 2013 report, Egan-Jones made the following points regarding the success of the strategic plan being undertaken by Hampden management:
  • “…management should be permitted to continue to implement its strategic plan, which appears to be bearing fruit”
  • “The value of Hampden Bancorp has been enhanced over the 6 years that Hampden Bancorp has been a public company through, among other things, asset growth, diversification of the loan portfolio, investments in new technology, expansion and modernization of the Hampden branches and commitment to the quarterly dividend. The profitability has allowed the Company to provide shareholders with a steady stream of dividends and periodic stock buyback programs, while permitting the Company to make important investments to enhance efficiency, expand the products and services and position Hampden Bancorp for growth and long-term profitability that will further enhance stockholder value. The stock price has outperformed both the NASDAQ Bank Index and the SNL U.S. Bank Index over the last five fiscal years.”
  • “…voting the Management ballot (BLUE PROXY CARD) is in the best interests of the Company and its shareholders.”

Egan-Jones made the following points regarding the Clover Group’s proposal:
  • “…the Dissidents have failed to make a persuasive case that their joining the board would result in the enhancement of shareholder value.”
  • “Determining whether and when shareholder value can be maximized by the sale of a company requires more than looking at average prices in past transactions involving companies that may have no similarities to Hampden Bancorp.”
  • “..the adoption of the Proposal could create the appearance that the Company must sell. This could be harmful to the Company and its shareholder value whether or not the Board of Directors determines to pursue a sale.”

The Company issued the following statement:

If you liked this article you might like

Insider Trading Alert - HBNK, ESSA And BCOV Traded By Insiders

Cash Dividend On The Way From Hampden Bancorp (HBNK)

10 Cheapest Bank Stocks to Forward Earnings (Update 3)

Hampden Bancorp Inc. Stock Upgraded (HBNK)

Hampden Bancorp Inc. Stock Upgraded (HBNK)

Hampden Bancorp Inc. Stock Downgraded (HBNK)

Hampden Bancorp Inc. Stock Downgraded (HBNK)