Malvern Bancorp in Paoli, Pa., has entered into a formal written agreement with the Office of the Comptroller of the Currency.
The company disclosed in a regulatory filing Friday that its Malvern Federal Savings Bank had entered into the agreement with the OCC, which replaced a supervisory agreement already in place.
The new agreement requires the bank to form a compliance committee, periodically review its management and revise its written strategic and capital plans, among other things. The bank is also barred from paying dividends without OCC approval.
The $578 million-asset Malvern announced last month that it had hired Anthony Weagley, a former chief executive at Center Bancorp in New Jersey, as its president and CEO.
Malvern has had a turbulent year. Ronald Anderson resigned as CEO in January, shortly after the company reached a truce with dissident investor Joseph Stilwell. Recently, the company has been facing pressure to sell from activist investor PL Capital.