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Malvern Bancorp is being challenged by a pair of dissidents in a development that highlights investors' growing frustration with the banking industry's inability to put capital to work.
September 17 -
An activist investor with a reputation for pressuring management teams is pushing for a seat on the board of Malvern Federal Bancorp in Paoli, Pa.
September 12
Malvern Bancorp (MLVF) in suburban Philadelphia announced Wednesday the resignation of president and chief executive Ronald Anderson.
The company owns the $591 million-asset Malvern Federal Savings Bank of Paoli, Pa. Malvern officials couldn't be reached for comment on the resignation late Wednesday.
Malvern endured a tough 2013. It
The agreement provides for a Stilwell nominee, John O'Grady, to run for election to the Malvern board at the company's annual meeting in February.
It also required Malvern to hire an investment bank to explore a merger if Malvern doesn't provide above-average returns in 2015 and 2016. In September, Stilwell said he controlled nearly 10% of Malvern's common stock through various funds.
Malvern said in a press release that it will immediately begin a search for a replacement.
