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

Filed by the registrant ¨

Filed by a party other than the registrant x

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.

x Definitive additional materials.

¨ Soliciting material under Rule 14a-12.

HARVARD ILLINOIS BANCORP, INC.

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(Name of Registrant as Specified in its Charter)

STILWELL VALUE PARTNERS II, L.P.

STILWELL VALUE PARTNERS VII, L.P.

STILWELL PARTNERS, L.P.

STILWELL VALUE LLC

JOSEPH STILWELL

PETER WILSON

MARK S. SALADIN

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(Name of Person(s) Filing Proxy Statement if Other Than the Registrant)

Payment of filing fee (check the appropriate box):

x No fee required.

¨ Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

(1) Title of each class of securities to which transaction applies:

(2) Aggregate number of securities to which transaction applies:

(3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):

(4) Proposed maximum aggregate value of transaction:

(5) Total fee paid:

¨ Fee paid previously with preliminary materials.

¨ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.

(1) Amount Previously Paid:

(2) Form, Schedule or Registration Statement No.:

(3) Filing Party:

(4) Date Filed:

STILWELL VALUE PARTNERS, LP

111 BROADWAY, 12TH FLOOR

NEW YORK, NY 10006

(212) 269-1551

April 20, 2012

Dear Fellow HARI Owner,

Our board and our CEO have performed poorly. However, their truly inexcusable fault, I believe, is failing as stewards of our Bank.

HARI is a small bank. It only earned $149,000 in 2010 and $4,000 in 2011. For our Bank’s poor performance the board paid Mr. Seyller $332,663 in compensation last year against $178,236 the year before. Where’s the oversight? Where are the stewards of our capital? Our Bank has been more profitable for Mr. Seyller than all of the shareholders combined.

In the cover letter for HARI’s yearly earnings, Mr. Seyller states, “the directors and officers… will continue to work to the best of our abilities for you, our shareholders.” The Bank eked out a single penny yearly profit, (based on an accounting technicality for the valuation allowance against a deferred tax asset). HARI has lost money over the past 5-year period. Non-performing assets have increased. If this is the best of their abilities, HARI should be sold to another bank.

This election is our opportunity to hold Mr. Seyller and the board accountable. If you are interested in maximizing shareholder value, please vote our GREEN proxy card for Peter Wilson, a solid outsider who is committed to maximizing shareholder value for all owners. The current board and Mr. Seyller have failed as managers of our Bank.

Sincerely,

/s/ Joseph Stilwell

Joseph Stilwell

3 Easy Ways To Vote on the green proxy card 

You may use one of the following simple methods to vote your shares:

1. Vote by Telephone. If you are a registered record holder, please call (800) 218-3626. If you are a beneficial holders and hold shares through your bank or broker, please call (800) 454-8683. Have your control number listed on the GREEN form ready and follow the simple instructions.

2. Vote by Internet. If you are a registered record holder, please vote at www.firstcoastresults.com/HARI.html. If you are a beneficial holders and hold shares through your bank or broker, please vote through www.proxyvote.com. Have your control number listed on the GREEN form ready and follow the simple instructions.

3. Vote by Mail. Mark, sign, date and return your GREEN proxy or voting instruction form in the postage-paid return envelope provided.

Please Act Today

Your Vote Is Important

Please sign, date and mail your GREEN proxy card or voting instruction form today. Internet and telephone voting are also available. Please refer to your proxy card or voting instruction form for instructions. Street name shareholders: Your bank or broker cannot vote your shares on all proposals unless it receives your specific instructions. Please return your vote immediately. If you have any questions or need assistance voting your shares, please call D. F. King & Co., Inc., which is assisting us, toll-free at (800) 829-6551.