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 lost $18.8 million in the third quarter, after selling bad loans for a loss. In October, Malvern reached a truce with activist investor Joseph Stilwell that ended a contentious proxy battle.

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.

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