Malvern Bancorp Inc. completes conversion

Switches charter from savings bank to national bank

Malvern Federal Savings Bank has a new name — the bank is now known as Malvern Bank, National Association.

The name change is part of the bank’s conversion from a federal savings bank charter to a national bank charter.

On Feb. 9, Malvern Bancorp Inc. — the parent company of Malvern Federal Savings Bank — announced that it had received the necessary regulatory approvals to complete the change. The Office of the Comptroller of the Currency had approved the conversion from a federal savings bank charter to a national bank charter; and the Federal Reserve had approved the conversion from a savings and loan holding company to a bank holding company, according to a press release.

The conversion and name change was effective with the start of business on Monday, ending a process that was announced in October 2017.

“We believe that our conversion to a national bank charter will better align with our current business plan, model and strategy. This conversion provides us the flexibility we need but also keeps our name in line with our 131-year company legacy,” said Anthony C. Weagley, president

and CEO of the company and the bank.

Weagley added that there will be no changes for “day

to day customers.”

The only visible change will be the new name, Weagley said, adding that Malvern will continue to provide the same high quality service and customer support.

Malvern will re-introduce

its brand through advertising, marketing materials and branch signage, as well as on its website and through social media. It will be keeping its tagline, “Beyond your Expectations,” according to the release.

Malvern Bancorp Inc. is the holding company for Malvern Bank, National Association. The bank was originally formed in 1887.

Headquartered in Paoli, the bank operates nine locations in Chester, Delaware and Bucks counties

and in Morristown, N.J. The bank also has offices in Palm Beach, Fla. and Montchanin, Del.

For more information about Malvern Bancorp Inc. visit http:// ir.malvernfederal.com .

For information regarding the bank, please visit our web site atwww. malvernfederal.com.

Email business story ideas to business editor/ writer drovins@21stcenturymedia.com.

SUBMITTED PHOTO Malvern Federal Savings Bank is now Malvern Bank, National Association. The change is part of the bank’s conversion from a federal savings bank charter to a national bank charter.