STILWELL VALUE LLC

Megan Stilwell is the Managing Member and controls investment decisions. SEC filings list her individually for the firm's activist disclosures, indicating centralized decision-making with no external investment committee (per public record).

The firm targets publicly traded community banks and thrifts in the United States, typically with market capitalizations under $500 million. These institutions often trade below tangible book value and carry high expense ratios relative to larger peers, creating opportunity for the cost-cutting and sale-advocacy playbook the firm employs (per SEC 13D filings).

It actively campaigns for change. Filings consistently include letters to boards demanding specific actions — share repurchases, management replacements, branch sales, or full-company mergers — and occasionally propose director nominees for board seats (per SEC filings).

It is not a single family office. The vehicle operates as an asset manager filing as an exempt reporting adviser, but its concentrated, campaign-specific style blurs the line between activist hedge fund and personal investment company. It does not market to outside LPs in a conventional sense, based on the absence of public fundraising disclosures.

Campaigns often span 18 to 36 months — the time required to accumulate a stake below regulatory thresholds, build a public case for change, and either realize a sale premium or accept a rerating as the target implements recommended reforms. Stilwell has maintained positions in some banks for over five years when sale catalysts failed to materialize (per SEC filings).