William Penn Bancorp shareholder threatens to oppose stock benefit plans

By Lisa Kerner

Charlotte, N.C., Sept. 10 - Stilwell Value Partners VI, LP said unless William Penn Bancorp Inc. proposes a plan consistent with the guidelines Stilwell presented to the company in June, the investor will solicit proxies from other shareholders to oppose the stock benefit plans, according to a schedule 13D/A filed with the Securities and Exchange Commission.

Previously Stilwell sought to have 87-year-old John Judge removed from William Penn's board due to disabling illness, which allegedly may have progressed to senile dementia, a prior SEC filing said.

Stilwell reported a 6.18% stake in the Arlington, Va.-based financial services company.

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