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Harvard bank saves local control

HARVARD – Harvard Savings Bank shareholders voted “by an overwhelming majority” to re-elect directors their board nominated, showing opposition to a New York-based group of hedge funds.

At the annual shareholders meeting Thursday, President and CEO Duffield Seyller and retired businessman Richard Walker retained their positions on the board. Peter Wilson, a nominee of The Stilwell Group, was left off the board.

Stilwell and Harvard Illinois Bancorp, the parent of the Harvard bank, are currently locked in a proxy battle. Stilwell has called for a sale of the company through a series of advertisements and letters to shareholders criticizing current management. The board has rebutted in various letters and advertisements.

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