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Prudential Bancorp directors saw votes of 75% of shares withheld, Stilwell group says
New York, Feb. 14 - Votes for 75% of Prudential Bancorp, Inc. of Pennsylvania's voting shares were withheld from voting at the Feb. 9 annual meeting, according to an investor group led by Stilwell Partners, LP.
In addition, Stilwell claimed in an SC 13D filing with the Securities and Exchange Commission, president and chief executive officer Thomas Vento was unable to define return on equity on a per share basis.
The Stilwell group, led by general partner John Stilwell, said the investors believe that Prudential Bancorp's board should include public shareholders who own a "substantial number" of shares of the company.
"Members of the group believe that Joseph Stilwell would bring broad experience and a fresh perspective to issuer's board because none of its current directors have any previous public company experience or any experience in allocating capital for a public company," the filing said.
The group added that at the annual meeting Joseph Stilwell publicly offered to donate $25,000 to a charity of Vento's choice if Vento could define return on equity on a per share basis. According to the filing, Vento "attempted to define it but was unable to do so."
Stilwell's campaign dates back to 2005. On July 12 of that year he asked to be placed on Prudential Bancorp's board but was refused. According to Stilwell's filing, a week later, one of the directors died. On Sept. 21, 2005, two new directors were named, neither of whom owns substantial shares of common stock.
The Stilwell group has 1,180,600 shares, or 9.8% of the total.
From Jan. 11 to 31, Stilwell Value Partners I has bought 53,500 shares at $13.40 each at a total cost of $716,900.
Prudential Bancorp is a Philadelphia-based holding company for Prudential Savings Bank, which operates six full service branches in the Philadelphia area.
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