Exhibit 6
Stilwell Value Partners LP
111 Broadway, Suite 1203
New York, NY 10006
(212) 269-1551
THE DIRECTORS OF MALVERN FEDERAL BANCORP, INC. ARE:
Ronald Anderson, F. Claire Hughes, Jr., Edward P. Shanaughy II,
Kristin S. Camp, Steven Scartozzi, George E. Steinmetz, Joseph E. Palmer, Jr.,
Therese Woodman, John B. Yerkes, Jr.
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| September 1, 2010 |
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Dear Fellow MLVF Owner,
Our Company reported a mere nickel per share in profit for last quarter, and non-performing assets remain high at above 4%. In fact, according to Malvern’s recent regulatory filing:
“As a result of a recently completed examination by the Office of Thrift Supervision (the “OTS”), in July 2010 the OTS issued a supervisory directive to the Bank and notified it that the Bank was deemed to be in troubled condition, as defined in OTS regulations.”
Our share price has dropped below $8, yet the above directors still refuse a ‘second-step’ conversion that would bring a capital cushion into our bankandgive the public holders an increase in the value of our shares (by 40% or more, based on recent valuations for ‘second-step’ conversions). What are our directors thinking? Are they thinking?
To date, these people refuse to publicly or privately explain their refusal. They are apparently inadequate as directors of a community bank.
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