Daily Local News (West Chester, PA)
Malvern Federal expands into Delaware
Savings bank says it will serve customers in northern part of The First State as well as southern Chester County
TREDYFFRIN » Malvern Federal Savings Bank said it will expand with the opening of a private banking branch in northern Delaware, parent company Malvern Bancorp Inc. announced.
In addition, the Paoli-based bank announced the appointment of Andrea Cho as senior vice president of private banking.
The new private banking office will open in Montchanin, Delaware, in September, said Anthony C. Weagley, president and CEO of Malvern Bancorp.
“The new Montchanin of-
fice will be less than four miles from the Pennsylvania border, so it is well situated to serve the needs of our growing client base in southern Chester County, Pennsylvania, and northern Delaware,” Weagley said.
The new private banking office will be located at 10 W. Rockland Road in Bell Rock Capital’s Montchanin office.
The community was named for Anne Alexandrine de Montchanin, mother of Pierre Samuel du Pont de Nemours, grandmother of the founder of the DuPont Gunpowder Company and once part of the Winterthur Estate.
Malvern’s commercial, regional private clients group and wealth management lines of business, through its partnership with Bell Rock Capital, are now provided through expanded geographic locations. The new office will be Malvern’s sixth Private Banking office. The others are in Villanova, Glen Mills and Quakertown, Pa., Morristown, N.J., and Palm Beach, Fla.
Cho will lead Malvern’s private banking division, which assists high-networth individuals, families and businesses with wealth management, commercial and residential lending. She will operate out of the bank’s Villanova
office. Prior to joining Malvern she served in wealth management and private banking executive management positions at Bank of America, Morgan Stanley, U.S. Trust Bank of America and Bank of America Merrill Lynch. In the community she has been on the Board of Trustees for the Philadelphia Bar Foundation, has been a committee member of the Philadelphia Korean Community Center as well as a member of the Women’s Way grant committee.