On August 17, 2018, Clover Partners LP urged Empire Bancorp Inc. to engage a third party to explore strategic options such as remaining independent, acquiring an institution, and partnering with a larger institution as a seller. In a letter, Clover Partners' Mike Shafir wrote that Empire's core deposit franchise and 68% loan-to-deposit ratio could draw a larger institution to pay a 'significant premium' to Empire's current share price.