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Judge resigns from Prudential Bancorp board citing pressure from Stilwell, health issues
By Lisa Kerner
Charlotte, N.C., June 9 - Prudential Bancorp, Inc. director John P. Judge tendered his resignation from the company's board on June 5, it was reported in a form 8-K filing with the Securities and Exchange Commission.
The resignation becomes effective at the next board meeting on June 18.
Judge also tendered his resignation from the boards of directors of both the company's mutual holding company parent, Prudential Mutual Holding Co., and the company's wholly owned insured subsidiary, Prudential Savings Bank.
With Judge's resignation, the size of all three boards was reduced.
In making the decision to resign, Judge said he took into account his health and the health of his spouse.
Judge, who had been a member of the board for 25 years, also wanted to avoid "the expense and unpleasantness" of defending himself against allegations made by company shareholder Stilwell Value Partners LP, I, the filing said.
Prudential Bancorp appointed Judge as a director emeritus effective July 1.
Judge will receive a monthly stipend of $500 as well as the continued provision of health and life insurance.
The board will review Judge's appointment annually.
Stilwell had been seeking Judge's resignation due to his alleged infirmity, it was reported in a schedule 13D filed in May with the Securities and Exchange Commission.
According to Stilwell, Judge, who is at least 87 years old, allegedly suffers from very labile hypertension and may also allegedly be suffering from senile dementia likely caused by the hypertension.
On Feb. 11, Stilwell Value said that it wanted Joseph Stilwell to bring his "broad experience" and "fresh perspective" to the board of directors of Prudential Bancorp.
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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