PAOLI, Pa., Jan. 25, 2016 (GLOBE NEWSWIRE) -- Malvern Federal Savings Bank, (“Malvern”) the wholly owned subsidiary of Malvern Bancorp, Inc. (NASDAQ:MLVF), today announced that it has filed an application with the Office of the Comptroller of the Currency for approval to open a full-service branch in Morristown, N.J.
The new Morristown banking center location will be at 163 Madison Avenue in the Morristown Plaza office complex. The Plaza is in close proximity to Interstate 287, Route 24 and Route 10, and the Convent train station is nearby.
"We are very excited about having a significant presence in Morristown and expect our new office to be operational in the second quarter of 2016,” explained Anthony C. Weagley, President and Chief Executive Officer. “The office will feature commercial lending and private banking teams. We expanded Malvern’s presence in the region last year with the appointment of William Boylan as head of our New Jersey commercial lending division.” “When opened, our Morristown office will offer consumers a superior, personalized banking experience, including banking by appointment, which enables customers to schedule a meeting with our financial professionals at a time that is convenient to them.” Commented William Boylan, Senior Vice President & Chief Lending Officer – NJ Division.
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, through its Private Banking division and strategic partnership with Bell Rock Capital, Rehoboth Delaware, provides personalized wealth management and advisory services to high net worth individuals and families. Our services include banking, liquidity management, investment services, 401(K) accounts and planning, custody, tailored lending, wealth planning, trust and fiduciary services, insurance, family wealth advisory services and philanthropic advisory services.
For further information regarding Malvern Bancorp, Inc., please visit our web site at http://ir.malvernfederal.com. For information regarding Malvern Federal Savings Bank, please visit our web site at https://www.malvernfederal.com/.
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 SVP & CFO (610) 695-3676 Media Contact: David Culver, VP Public Relations BTC Marketing (610) 254-7426
Source:Malvern Bancorp, Inc.