1. Activist Investor Pressures Two Malvern Directors to Resign

    Activist Investor Pressures Two Malvern Directors to Resign

    An activist investor is pressuring two directors at Malvern Bancorp in Paoli, Pa., to resign. PL Capital in Naperville, Ill., disclosed in a regulatory filing last week that it wants Joseph Palmer Jr. and John Yerkes Jr. to resign rather than stand for ...

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    1. While we have no specific concerns about them as individuals, both of them are long standing directors who should take their share of responsibility for the issues Malvern has faced under their watch.
    2. If they do not resign, in our view it would call into question whether the board is committed to a fresh start.
    3. We are not seeking board representation … and we are not suggesting any candidates for the board to consider.
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