Stilwell continues to push for place on Prudential Bancorp board

By Lisa Kerner

Charlotte, N.C., Feb. 11 - Investors led by Stilwell Value Partners I, LP want Joseph Stilwell to bring his "broad experience" and "fresh perspective" to the board of directors of Prudential Bancorp, Inc. of Pennsylvania.

The investors claimed in a schedule 13D filed with the Securities and Exchange Commission that holders of an average of 77% of the voting public shares of Prudential Bancorp withheld their votes in the election of directors at the company's 2008 annual meeting.

Not including shares held in Prudential Bancorp's Employee Stock Ownership Plan, holders of an average of 88% of the voting public shares withheld their votes, the filing stated.

In December, Stilwell filed proxy materials for the solicitation of proxies to withhold votes on the election of Prudential Bancorp's directors at the 2008 annual meeting.

Almost one year ago in an SEC filing, Stilwell reported that holders of 75% of Prudential Bancorp's voting shares withheld from voting at the prior annual meeting.

At that time, the investors wanted the company to include public shareholders who own a "substantial number" of Prudential Bancorp shares to be on the board.

It was previously reported that Joseph Stilwell has attempted to become a member of Prudential Bancorp's board since 2005.

The investors beneficially own 1,113,100 shares, or 9.8%, of the company's outstanding stock.

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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