Stilwell demands removal of John Judge from William Penn board

By Jennifer Chiou

New York, May 23 - Stilwell Value Partners VI, LP voluntarily discontinued its lawsuit against William Penn Bancorp, Inc. after determining that it would be more effective and appropriate to pursue William Penn's directors on a personal basis, according to a schedule 13D filed with the Securities and Exchange Commission.

In the filing, Stilwell demanded the removal of 87-year-old John Judge from William Penn's board due to disabling illness, which allegedly may have progressed to senile dementia.

Stilwell also demanded that the board take action to stop the directors from seeking to control the vote on the plans, and that each director personally reimburse Prudential Bancorp, Inc. of Pennsylvania for defending the lawsuit.

According to the filing, Stilwell reported a 5.7% stake in the Arlington, Va.-based financial services company.

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