On January 8, 2015, PL Capital LLC sent a letter to Board of directors of Malvern Bancorp, Inc stating that after reviewing the Company's proxy statement dated January 2, 2015, PL Capital has decided to not to support 2 of the 4 directors up for election at the annual meeting, namely, John W. Palmer and Yerkes. In addition, PL Capital stated that it is supportive of Tony Weagley's hiring and his plans to turn the Company around. Further, PL Capital stated that it has discussed its desire to see the Company Board make an effort to improve its corporate governance wherever possible as part of the new Malvern.

In addition, PL Capital stated that it calls for Palmer and Yerkes to resign from the Board is part of that effort. Furthermore, PL Capital stated that if they do not resign, in its view the Company would call into question whether the board is committed to a fresh start.