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Seidman increases stake in Malvern Bancorp; Stilwell sells shares of IF Bancorp

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Seidman increases stake in Malvern Bancorp; Stilwell sells shares of IF Bancorp

The following is a summary of recent activist investor news from the bank and thrift space. Each company "in play" is listed along with the activist group and that group's ownership stake in the company, where applicable.

Paoli, Pa.-based Malvern Bancorp Inc.

Investor: Lawrence Seidman, et al., 7.93%

Dec. 26, 2018: Activist investor Lawrence Seidman, along with investment affiliates, increased their stakes in Malvern Bancorp, according to a recent ownership filing.

Seidman disclosed beneficial ownership of 616,252 common shares, or 7.93% of the bank, an increase from the previously reported 6.91%.


Hampton, Va.-based Old Point Financial Corp.

Investor: PL Capital Group, et al., 7.2%

Dec. 26, 2018: PL Capital bought 39,500 common shares of Old Point Financial from Oct. 24, 2018, to Dec. 24, 2018.

PL Capital now owns 7.2% of Old Point Financial common shares based upon 5,183,416 outstanding common shares of Old Point Financial as of Oct. 24, 2018.


Watseka, Ill.-based IF Bancorp Inc.

Investor: Joseph Stilwell, et al., 6.2%

Dec. 14, 2018: Joseph Stilwell and his investment vehicles sold 112,449 shares of IF Bancorp.

Stilwell now has beneficial ownership of 241,644 common shares, based on 3,871,408 outstanding shares of IF Bancorp as of Nov. 2, 2018. Stilwell Value Partners VII, Stilwell Activist Fund and Stilwell Activist Investments sold the shares between Dec. 7, 2018, and Dec. 11, 2018.


New Canaan, Conn.-based Bankwell Financial Group Inc.

Investor: Lawrence Seidman, Veteri Place Corp., et al., 5%

Dec. 13, 2018: Activist investor Lawrence Seidman, Veteri Place and related investment vehicles reported a 5% stake in Bankwell Financial.

The aggregate purchase cost of the 392,045 shares that they beneficially own is about $11.2 million, including brokerage commissions.