Standard Financial

Just picked up some shares of Standard Financial, which is a recent mutual-to-stock conversion selling well below book value.  Furthermore, activist investor Joseph Stilwell owns 8% of the company. Item 4 of his 13D filing states the following:

"We hope to work with existing management and the board of the Issuer to maximize shareholder value.  We will encourage management and the board to pay dividends to shareholders and repurchase shares of outstanding Common Stock with excess capital, and will support them if they do so.  We oppose using excess capital to "bulk up" on securities or to rapidly increase the loan portfolio.  We will support only a gradual increase in the branch network.  If the Issuer pursues any action that dilutes tangible book value per share, we will aggressively seek board representation."

Disclosure: Long Standard Financial (STND)