Malvern Hires Former Center Bancorp Leader as New Chief

Malvern Bancorp in Paoli, Pa., has hired a new chief executive.

The $578 million-asset company said in a press release Tuesday that it had hired Anthony Weagley as its president and CEO. He will have the same roles at Malvern’s bank.

Weagley previously served as president and CEO of Center Bancorp in New Jersey, which merged with ConnectOne Bancorp earlier this year. (Weagley resigned in conjunction with the completion of the ConnectOne merger, even though he originally was set to become chief operating officer.

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.

"This has been a challenging period, but we believe our efforts have resulted in our selection in the best possible candidate to lead the company and the bank,”

F. Claire Hughes Jr., Malvern’s chairman, said in the release. Expectations are that Weagley “will be a catalyst in advancing the company forward and laying the foundation for growth and profitability for the shareholders."