Malvern Bancorp, Inc. operates as the bank holding company for Malvern Federal Savings Bank, which provides banking services to individuals, businesses, and real estate developers in Chester County, Pennsylvania and neighboring areas in southern Pennsylvania. The company has seven full service financial center offices located in Chester and Delaware counties, Pennsylvania. The bank has one subsidiary, Strategic Asset Management Group, Inc., which engages in sale of property and casualty insurance, commercial insurance, and life and health insurance. The company’s principal business consists of attracting deposits from businesses and the general public primarily in Chester County, Pennsylvania and investing those deposits, together with borrowings and funds generated from operations, in one- to four-family residential real estate loans, construction and development loans, commercial and multi-family real estate loans, commercial business loans, home equity loans and lines of credit and other consumer loans, as well as investing in investment securities. The company provides services to other areas in the greater Philadelphia market area. Its primary sources of funds are deposits, borrowings and principal and interest payments on loans and securities, as well as the sale of residential loans in the secondary market. The company offers a range of banking products and services, including consumer and commercial deposit accounts, checking accounts, interest-bearing demand accounts, money market accounts, certificates of deposit, savings accounts, individual retirement accounts, safety deposit boxes, automated teller machine (ATM), ATM and Visa debit cards, online banking, business banking, secured and unsecured commercial loans, real estate loans, construction and land development loans, automobile loans, home improvement loans, mortgages, home equity and overdraft lines of credit, and other products. The company attempts to offer a high level of personalized service to both its retail and commercial customers. Its lending activities generally are focused on small and medium sized businesses within the communities that it serves. Lending Activities Residential Lending Residential mortgage originations are secured primarily by properties located in the company's primary market area and surrounding areas. The company originates fixed-rate, fully amortizing mortgage loans with maturities of 10 to 30 years. It also offers adjustable rate mortgage loans where the interest rate either adjusts on an annual basis or is fixed for the initial one, three, or five years and then adjusts annually. Construction and Development Loans The company’s construction and development loans in the portfolio typically have variable rates of interest tied to the prime rate, which improves the interest rate sensitivity of its loan portfolio. Its construction loans also include loans for the acquisition and development of land for sale (roads, sewer, and water lines). Commercial Lending The company’s commercial real estate loan portfolio consists primarily of loans secured by office buildings, retail and industrial use buildings, strip shopping centers, mixed-use and other properties used for commercial purposes located in its market area. Consumer Lending Activities The major components of the company’s consumer loans are loans secured by second mortgages, consisting primarily of home equity loans. Its consumer loans also include automobile loans, unsecured personal loans and loans secured by deposits. The company’s home equity lines of credit are variable rate loans tied to the prime rate. Investment portfolio As of September 30, 2014, the company’s investment portfolio included U.S. government agencies; state and municipal obligations; single issuer trust preferred security; and mortgage-backed securities. Strategy Key elements of the company’s business strategy include seeking supervisory relief; growing its loan portfolio and resuming commercial real estate and construction and development lending; increasing market share penetration; and continuing to provide exceptional customer service. Supervision and Regulation The company is a savings and loan holding company under the Home Owners’ Loan Act, as amended, and is subject to examination and supervision by the Board of Governors of the Federal Reserve System (the Federal Reserve Board). The company operates as a unitary savings and loan holding company and is permitted to engage only in the activities permitted for financial institution holding companies or for multiple savings and loan holding companies. As a public company, the company is subject to the Sarbanes-Oxley Act of 2002, which addresses, among other issues, corporate governance, auditing and accounting, executive compensation, and enhanced and timely disclosure of corporate information. The bank is subject to the regulation of the Office of the Comptroller of the Currency (the OCC), as its primary federal regulator and the Federal Deposit Insurance Corporation, as the insurer of its deposit accounts, and to a limited extent, the Federal Reserve Board. As the primary federal regulator of the bank, the OCC has extensive authority over the operations of federally chartered savings institutions. The deposits of the bank are insured to the maximum extent permitted by the Deposit Insurance Fund and are backed by the full faith and credit of the U.S. government. The bank is a member of the Federal Home Loan Bank of Pittsburgh. History Malvern Bancorp, Inc. was founded in 1887.
malvern bancorp inc (MLVF:NASDAQ GM)
42 East Lancaster Avenue
Paoli, PA 19301
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