On January 18, 2019, Equitable Financial Corp. announced that it has entered into an agreement with Elkhorn Partners Limited Partnership regarding the Company's upcoming annual meeting of shareholders. Under the terms of the agreement, the Company has agreed to appoint Wayne G. Cadwallader and Sean Mullen to the Company's Board of Directors, effective January 15, 2019, and to nominate Mr. Cadwallader and Mr. Mullen for election to the Board at the annual meeting. As part of the agreement, the size of the Board will increase to eleven (11) members, and a total of five (5) Directors will be nominated for election at the upcoming annual meeting. Equitable has also agreed to amend its bylaws to remove the requirement that only permanent Nebraska residents can serve on the Board. Elkhorn Partners has agreed to withdraw its nomination of three (3) directors and to vote all of its shares at the annual meeting in favor of the Board's five (5) nominees (including Mr. Cadwallader and Mr. Mullen). In addition, Elkhorn Partners agreed to other customary standstill and voting commitments in connection with the upcoming annual meeting.