Malvern Federal Savings Bank Appoints William Woolworth as Senior VP, Chief Risk Officer

PAOLI, Pa., Aug. 13, 2015 (GLOBE NEWSWIRE) -- Malvern Federal Savings Bank (the “Bank” or “Malvern Federal”), the wholly owned subsidiary of Malvern Bancorp, Inc. (the “Company”) (NASDAQ:MLVF), today announced the appointment of William H. Woolworth, III as the Bank’s senior vice president, chief risk officer.

Woolworth is a banking industry veteran with nearly 30 years’ experience with financial institutions. Prior to joining Malvern Federal, he served in the positions of senior vice president and director of enterprise risk management, chief auditor and chief compliance officer for Customers Bank in Phoenixville, Pennsylvania, and Wyomissing, Pennsylvania. Woolworth previously served as chief risk officer for First National Bank of Chester County and held audit director and manager positions at Ferris, Baker Watts, a full-service broker-dealer and investment banking firm, Citigroup, Inc., Provident Bank of Maryland, and First Maryland Bank, all in Baltimore. He is a Certified Risk Professional (CRP), Certified BSA/Anti-Money Laundering Professional (CBAP) and Certified Internal Auditor (CIA).

Active in his community, Woolworth has served on the boards of the Greater Reading (Pa.) Chamber of Commerce; the Reading Main Street Program; and Junior Achievement of Greater Reading and Lehigh Valley. He also served on the advisory board for the University of Baltimore’s Merrick School of Business. He currently serves on the board of Co-County Wellness Services, which provides medical services, primarily to low-income residents of Berks and Schuylkill counties.

“Bill is another outstanding addition to Malvern Federal’s management team,” said Anthony C. Weagley, President and CEO of Malvern Bancorp, Inc., and Malvern Federal Savings Bank. “The Dodd-Frank financial reform act has placed greater emphasis on risk and compliance in the financial services industry, and Bill’s strong experience with several institutions in the region brings obvious benefits to the Company, our customers and our shareholders.”

About Malvern Bancorp

Malvern Bancorp, Inc. is the holding company for Malvern Federal Savings Bank. Malvern Federal Savings Bank is a federally-chartered, FDIC-insured savings bank that was originally organized in 1887 and now serves as one of the oldest banks headquartered on the Philadelphia Mainline. For more than a century, Malvern Federal has been committed to helping people build prosperous communities as a trusted financial partner, forging lasting relationships through teamwork, respect and integrity. The Bank conducts business from its headquarters in Paoli, Pennsylvania, a suburb of Philadelphia, as well as seven other financial centers located throughout Chester and Delaware Counties, Pennsylvania. Its primary market niche is providing personalized service to its client base. The Bank focuses its lending activities on retail clients, commercial lending to small and medium-sized businesses, real estate developers and high net worth individuals.

For further information regarding Malvern Bancorp, Inc., please visit our web site at For information regarding Malvern Federal Savings Bank, please visit our web site at

Forward-Looking Statements

This press release contains certain forward looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Certain factors that could cause actual results to differ materially from expected results include changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of Malvern Bancorp, Inc., and changes in the securities markets. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements to reflect changes in beliefs, expectations or events.

Investor Contact: Joseph D. Gangemi Corporate Investor Relations (610) 695-3676 Media Contact: David Culver, VP Public Relations Boyd Tamney Cross (610) 254-7426

Source:Malvern Bancorp, Inc.