On January 31, 2019, Blue Lion Capital announced that it writing to Empire Bancorp, Inc as a follow up to its previous letter from August 2018. In the letter, Blue Lion stated that it disappointed that it received no response from the board. As a result, it has elected to attach this letter to a press release. Blue Lion added that since its initial letter, it has only grown more dissatisfied with both the bank's operational metrics as well as the share price performance. Furthermore, Blue Lion viewed that a sale of the bank is the best possible outcome for shareholders and estimate $15-$17 is achievable. In addition, Blue Lion recommend the company explore adding new directors who are significant owners of the bank, to ensure that shareholders' interests are adequately represented in the boardroom.