Stilwell has 5.2% stake in Alliance Bancorp of Pennsylvania

By Angela McDaniels

Tacoma, Wash., March 12 - Alliance Bancorp, Inc. of Pennsylvania investor Stilwell Associates, LP purchased 67,970 shares of the company's common stock between Jan. 15 and March 6 for $7.25 to $8.00 each.

In addition, the investor sold 10,000 shares on Feb. 5 for $7.95 each and another 10,000 shares on Feb. 19 for $7.75 each, according to a schedule 13D filing with the Securities and Exchange Commission.

Stilwell Associates is part of an investor group led by Stilwell Value Partners VI, LP that beneficially owns 360,475 shares, or 5.2%, of the company's common stock.

The group said its purpose in acquiring shares of the company is to profit from the appreciation in the market price of its common stock through asserting shareholder rights. The group does not believe the value of Alliance Bancorp's assets is adequately reflected in the current market price of its stock, and it hopes to work with management to maximize shareholder value.

Alliance Bancorp is the holding company for Alliance Bank and is based in Broomall, Pa.

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