Stilwell demands action against Prudential Bancorp's board, seeks removal of director

By Lisa Kerner

Charlotte, N.C., May 19 - Joseph Stilwell of Stilwell Value Partners I, LP demanded that the board of directors of Prudential Bancorp Inc. of Pennsylvania on behalf of the company "commence and prosecute an action" against its directors or take "corrective measures," according to a schedule 13D filed with the Securities and Exchange Commission.

Stilwell claimed the directors will, unless stopped, seek to implement certain stock plans that are beneficial to them despite a "blatant conflict of interest."

Specifically, Stilwell said the directors "deliberately manipulated the timing of a shareholder vote on the stock plans," preventing a meaningful vote by all of Prudential Bancorp's shareholders.

Stilwell also maintained that director John Judge, 87, can no longer perform his duties as a director due to his age and health concerns. As such, Stilwell wants him removed from the board, the filing said.

It was previously reported that Stilwell has attempted to become a member of Prudential Bancorp's board since 2005. The latest attempt occurred in February.

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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