On January 14, 2022, James W. Barrett announced Malvern Bancorp, Inc. of his decision not to stand for reelection to the Company's Board of Directors (the Board) at the Company's next annual meeting of shareholders, currently scheduled for March 23, 2022 (the Annual Meeting). Director Barrett will continue as a director of the Board until immediately prior to the Annual Meeting (the Effective Time). Director Barrett's decision not to stand for reelection does not involve any disagreement on any matter relating to the Company's operations, policies or practices.
Director Barrett will continue to serve on the Board's Audit Committee (the Audit Committee) and the Board's Nominating and Governance Committee (the Governance Committee) until the Effective Time. The Board intends to appoint a director to fill Director Barrett's position on the Audit Committee prior to the Effective Time, but will not be filling the vacancy created on the Governance Committee.