On August 11, 2016, Harvard Illinois Bancorp, Inc. announced that it has entered into a Settlement Agreement with Stilwell Value Partners VII, L.P., Stilwell Activist Investments, L.P., Stilwell Partners, L.P., Stilwell Value LLC, and Joseph Stilwell, pursuant to which, the Company has agreed to reduce the number of its directors by 2, whether through resignations or a decision not to renominate, effective at the completion of the 2016 annual meeting of stockholders. During the term of the Agreement, The Stilwell Group and each Stilwell Group Member will not solicit proxies in opposition to any recommendations or proposals of the Company's Board of Directors, submit or encourage the submission of any nomination for election as a director of the Company or any stockholder proposal for business at a meeting of the Company's stockholders, vote for any nominee to the Company's Board of Directors other than those nominated or supported by the Board of Directors, seek to exercise any control or influence over the management of the Company or the Boards of Directors of the Company, propose or seek to effect a merger or sale of the Company, initiate litigation against the Company or certain affiliates or acquire additional shares of the Company's common stock.