Malvern Bancorp in Paoli, Pa., is facing outside pressure to remove some of its directors.
Lawrence Seidman, an activist investor in New Jersey,
Seidman, like several other large investors, said he is supportive of Anthony Weagley, who became Malvern's president and chief executive in 2014. Seidman was a director at Center Bancorp, where Weagley previously served as president and CEO before the company merged with ConnectOne Bancorp.
-
A rush of bank M&A is welcome news to activist investors, who typically make money when banks make improvements and sell to bigger institutions. Here is a look at six firms that have stood out in recent years for pressuring management teams and boards to enhance value for shareholders.
January 31 -
PL Capital is raising money for a new fund that'll target banks with up to $75 billion of assets, after 20 years of sticking to just community banks with less than $3 billion of assets. In this Q&A, Richard Lashley explains why activist investors are eyeing bigger banks now and how banks can avoid his kind.
January 31
Weagley "is a highly competent banking executive who will continue to create value for the issuer's shareholders," the filing said.
Seidman is following an approach PL Capital took with Malvern last year. The Naperville, Ill., company voted against Malvern's directors at the 2015 annual meeting, even though it supported Weagley.
Richard Lashley, a PL Capital principal, wrote in a
Malvern's annual meeting is set for Feb. 17.