| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers P > Headlines for Prudential Bancorp, Inc. of Pennsylvania > News item |
Stilwell group sells shares in Prudential Bancorp of Pennsylvania
By Angela McDaniels
Tacoma, Wash., June 19 - Prudential Bancorp, Inc. of Pennsylvania investor Stilwell Value Partners I, LP sold 105,000 shares of the company's common stock for $12.30 apiece on Thursday, according to a schedule 13D/A filing with the Securities and Exchange Commission.
Stilwell Partners LP sold 20,000 shares on Thursday at the same price. Stilwell Partners no longer holds any Prudential shares and will no longer be included in the investor group led by Stilwell Value Partners I.
The group beneficially owns 661,300 shares, or 6.2%, of Prudential.
In the filing, the group said it does not believe the value of Prudential's assets is adequately reflected in the common stock's current market price.
It also believes the company's board of directors should include public shareholders who hold "a substantial number" of shares and that Joseph Stilwell would bring "broad experience and a fresh perspective" to the board.
As previously reported, Prudential and Stilwell Value Partners I reached an agreement in November to settle the litigation brought against the company by the investor.
Under the settlement, the Stilwell group agreed to vote in favor of Prudential's adoption of a stock option plan and a management recognition and retention plan and agreed to not seek to effect a merger or sale of Prudential.
For its part, Prudential said it would undertake a reorganization from the current mutual holding company form to the stock holding company form of organization no later than the annual meeting of shareholders in 2013.
In addition, the company agreed to repurchase at least 1,357,116 additional shares of the company's common stock by Sept. 30, 2011.
On May 27, Prudential repurchased 260,000 shares from Stilwell Value Partners I.
Prudential Bancorp is a Philadelphia-based holding company for Prudential Savings Bank.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.