Stilwell challenges Central Plains Bancshares on buybacks

Stilwell Activist Investments, L.P. and affiliated entities are soliciting proxies from stockholders of Central Plains Bancshares, Inc. for the 2026 annual meeting.

Rhea-AI Filing Summary

Stilwell Activist Investments, L.P. and affiliated entities are soliciting proxies from stockholders of Central Plains Bancshares, Inc. for the 2026 annual meeting. They have filed a definitive proxy statement and are asking investors to use their GREEN proxy card to support a business proposal.

Stilwell’s letter to stockholders states that the Company has not carried out what they view as meaningful share repurchases despite prior intentions, and characterizes the bank as overcapitalized with undervalued stock. They seek a stockholder vote to direct management and the board to sustain share repurchases, and provide telephone, online and mail instructions for voting.

Key Terms

definitive proxy statement, proxy solicitation, GREEN proxy card, overcapitalized bank

4 terms

definitive proxy statement regulatory

"have filed a definitive proxy statement and accompanying GREEN proxy card"

A Definitive Proxy Statement is a detailed document that a company sends to its shareholders before a big meeting, like voting on important decisions. It explains what's being voted on and gives important information so shareholders can make informed choices. It matters because it helps shareholders understand and participate in key company decisions.

proxy solicitation regulatory

"participants named herein, have filed a definitive proxy statement ... to be used to solicit votes"

Proxy solicitation is the process of asking shareholders for permission to vote their shares on corporate matters, usually by sending voting forms or requests by mail, email or phone. Investors should watch proxy solicitations because they signal attempts to change control, influence board elections or approve big deals — like neighbors organizing votes on a shared building project — and the outcome can materially affect a company’s strategy and stock value.

GREEN proxy card regulatory

"accompanying GREEN proxy card (the “Definitive Proxy Materials”)"

overcapitalized bank financial

"At an overcapitalized bank, there is no more effective use of excess capital"

FAQ

What is Stilwell proposing in its DFAN14A filing regarding CPBI?

Stilwell is seeking stockholder support for a business proposal at Central Plains Bancshares’ 2026 annual meeting to direct management and the board to sustain what it describes as meaningful share repurchases of the Company’s common stock.

Who is leading the proxy solicitation against Central Plains Bancshares, Inc. (CPBI)?

The solicitation is led by Joseph Stilwell and affiliated entities, including Stilwell Activist Investments, L.P., who have filed definitive proxy materials and are asking CPBI stockholders to vote using their GREEN proxy card.

What is the main concern Stilwell raises about Central Plains Bancshares, Inc. (CPBI)?

Stilwell states that CPBI has not followed through with meaningful repurchases of its common stock despite declared intentions, and characterizes the bank as overcapitalized where excess capital should be used to repurchase undervalued shares.

How does Stilwell want CPBI stockholders to vote in this proxy contest?

Stilwell asks CPBI stockholders to vote in favor of its business proposal by telephone, online, or by signing and returning the enclosed GREEN proxy card in the postage-paid envelope provided with its proxy materials.

Where can CPBI investors find Stilwell’s definitive proxy materials?

Stilwell’s definitive proxy materials are available at no charge on the SEC’s website at https://www.sec.gov. The materials include detailed information about the participants in Stilwell’s proxy solicitation for CPBI.

Who is assisting Stilwell with the CPBI proxy solicitation?

Stilwell has engaged Okapi Partners LLC as its proxy solicitor. CPBI stockholders can contact Okapi by phone or email for assistance in voting their GREEN proxy card or obtaining additional copies of the proxy materials.

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Available on EDGAR 07/21/2026 - 03:15 PM Accepted by SEC EDGAR 07/21/2026 - 03:15 PM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

(Amendment No. )

Filed by the Registrant ☐

Filed by a Party other than the Registrant ☒

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☐ Definitive Proxy Statement

☒ Definitive Additional Materials

☐ Soliciting Material Under § 240.14a-12

CENTRAL PLAINS BANCSHARES, INC.

(Name of Registrant as Specified In Its Charter)

Stilwell Activist Investments, L.P.

Stilwell Activist Fund, L.P.

Stilwell Partners, L.P.

Stilwell Value LLC

Joseph Stilwell

(Name of Persons(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

☒ No fee required

☐ Fee paid previously with preliminary materials

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

Joseph Stilwell and certain affiliated entities (collectively, “Stilwell”), together with the other participants named herein, have filed a definitive proxy statement and accompanying GREEN proxy card (the “Definitive Proxy Materials”) with the Securities and Exchange Commission (the “SEC”) to be used to solicit votes for a business proposal at the 2026 annual meeting of stockholders (the “Annual Meeting”) of Central Plains Bancshares, Inc., a Maryland corporation (the “Company”).

On July 21, 2026, Stilwell mailed the following letter to the Company’s stockholders:

Stilwell Activist Investments, L.P.

111 BROADWAY • 12^TH FLOOR

NEW YORK, NY 10006

(787) 985-2194

INFO@STILWELLGROUP.COM

July 21, 2026

Dear Fellow CPBI Owner,

Despite declared intentions to repurchase shares, the Company has not followed through with meaningful repurchases of its common stock. At an overcapitalized bank, there is no more effective use of excess capital than repurchasing undervalued shares. We ask for your vote to direct management and the board to sustain meaningful share repurchases to maximize shareholder value at the Company.

Respectfully,

Megan Parisi

(787) 985-2194

mparisi@stilwellgroup.com

You can vote by telephone, online or by signing and dating the enclosed GREEN proxy card and returning it in the postage-paid envelope. 

If you have any questions, require assistance in voting your GREEN proxy card, or need additional copies of our proxy materials, please contact Okapi Partners at the phone numbers or email listed below. 

Okapi Partners LLC

Attn: Mr. Jeremy Provost
1212 Avenue of the Americas, 17^th Floor
New York, NY 10036

Main: (212) 297-0720
Stockholders Call Toll-Free: (844) 343-2621
info@okapipartners.com

www.okapivote.com/CPBI

STILWELL STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ ITS DEFINITIVE PROXY MATERIALS AS THEY CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN STILWELL’S PROXY SOLICITATION. STILWELL’S DEFINITIVE PROXY MATERIALS ARE AVAILABLE AT NO CHARGE AT THE SEC’S WEBSITE AT HTTPS://WWW.SEC.GOV.