Malvern Bancorp in Paoli, Pa., Retained the services of a well-known activist investor to provide advisory services.

The $ 1.2 billion asset firm said in a press release Thursday that Lawrence Seidman would provide financial market advice and financial analysis. Malvern did not disclose any information about Seidman’s compensation.

“Seidman is a seasoned veteran with extensive experience in community banking,” said Anthony Weagley, President and CEO of Malvern, in the statement.

“The company will benefit greatly from his knowledge and network within the industry,” added Weagley. “We are very excited to have… Seidman join Malvern in this role and look forward to working with him as we continue to grow and strengthen the business.”

Malvern is struggling with a troubled commercial real estate loan in New York.

The company disclosed in february that it would amend and reformulate its annual report and delay a future quarterly report after finding additional depreciation on the loan of $ 13.5 million.

Malvern had placed the loan on non-accrual status during its fiscal fourth quarter, which ended on September 30. The company had also reduced the balance by $ 2.9 million and created a specific reserve of $ 581,000 pending the results of a third-party assessment.

Once the appraisal was complete, Malvern determined that another $ 3.1 million depreciation was required. It recorded a new allowance for loan losses of $ 4 million for the fourth quarter of the year to reflect the change, which reduced its quarterly loss from $ 546,000 to $ 3.5 million.

Seidman, Founder and Director of Seidman & Associates, gained a reputation in the 1990s and early 2000s to lobby community banks to improve shareholder value. The targeted institution was often sold to another bank.

One of his most infamous battles took place over a decade ago with the board and management of Yardville National Bancorp. Seidman has filed several lawsuits in a campaign to force the Hamilton, New Jersey-based company to oust its CEO or find a buyer. Yardville finally agreed to be sold in 2007 at PNC Financial Services Group in Pittsburgh.

Although he has largely moved away from aggressive tactics, Seidman remains embroiled in a dispute with Spencer Savings Bank in Elmwood Park, NJ, which dates back to at least 2007. Last fall, a New Jersey judge argued a surge of Seidman to demand from Spencer to get an independent review before moving from a state savings association to a state savings bank.

Seidman also had an argument with Malvern.

The investor said in a January 2016 regulatory filing that it would decline to support Malvern’s proposed list of three directors. He reverse course a month later to support one of the nominees after two of the other directors announced their intention to resign.

But Seidman also backed Weagley, whom he has known for years. Siedman was a director at Center Bancorp when Weagley was the CEO of the company. Center merged with ConnectOne Bancorp in 2014.

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