On February 21, 2018, Stilwell Value LLC announced that it entered into a standstill agreement with MB Bancorp, Inc. Under the terms of the standstill agreement, the Company agreed to, among other things, expand the board of directors of the Company by one seat and appoint Corissa J. Briglia to serve on the boards of directors of the Company and its wholly-owned subsidiary Madison Bank of Maryland, for a term expiring at the 2018 annual meeting of stockholders of the Company. Corissa J. Briglia will also be nominated at the 2018 annual meeting of stockholders to serve until the 2019 annual meeting of stockholders. In exchange, Stilwell Value agreed to, among other things, not (a) solicit proxies in opposition to any recommendations or proposals of the Company’s board of directors, (b) initiate or solicit shareholder proposals or seek to place any additional representatives on the Company’s board of directors other than Corissa J. Briglia (or any replacement director selected by the Group in the event Corissa J. Briglia’s position as a director of the Company or the Bank is terminated during the term of the Standstill Agreement due to her resignation, death, permanent disability or otherwise), (c) oppose any proposal or director nomination submitted by the board of directors to the Company’s shareholders, (d) vote for any nominee to the Company’s board of directors other than those nominated or supported by the board of directors, (e) seek to exercise any control or influence over the management of the Company or the boards of directors of the Company or the Bank, propose or seek to effect a merger or sale of the Company or initiate litigation against the Company or (f) acquire any additional shares of the outstanding Company common stock or, without the Company’s written consent, privately or pursuant to a public tender offer, sell or otherwise dispose of any interest in the Group’s shares of Common Stock to any person whom the Group believes, after reasonable inquiry, would be a beneficial owner after any such sale or transfer of more than 5% of the outstanding shares of Common Stock.