Malvern Federal Savings Bank, the wholly owned subsidiary of Malvern Bancorp, Inc. announced that it intends to open a Private Banking office in Montchanin in September.
The new private banking office will be located at 10 W. Rockland Road.
Malvern Federal also announced the appointment of Andrea Cho as Senior Vice President, Private Banking of Malvern.
Anthony C. Weagley, CEO of Malvern Bancorp, Inc. and Malvern Federal Savings Bank, said, “The new Montchanin office 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 and northern Delaware. Like our five other private banking offices, our new Montchanin 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.”
The new private banking office will be located in Bell Rock Capital’s Montchanin Office, in a historic train station at the center of Montchanin.
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 locations. The new office will be Malvern’s sixth Private Banking office. The others are in Villanova, Glen Mills and Quakertown, PA., Morristown, NJ, and Palm Beach, FL.
Cho will lead Malvern’s Private Banking division, which assists high-net-worth 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.
“With the addition of our Private Banking professional staff, Malvern is continually responding to our clients’ private banking and wealth management needs,” said Alexander Opiela, Senior Vice President & COO of Malvern. “Through our strategic partnership with Bell Rock Capital in Rehoboth Beach, Delaware, we provide a broad range of products and services, and we are committed to ensuring that the service we provide is beyond our clients’ expectations.”
The new Private Banking office in Montchanin will offer an array of services including banking, liquidity management, investment services, 401(k) accounts and planning, custody, tailored lending, wealth planning, trust and fiduciary services, family wealth advisory services and philanthropic advisory services. The office will be staffed by a registered investment advisor (through the Bank’s partnership with Bell Rock Capital), and retail and private banking professionals with years of financial services experience.
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 Main Line.
The Bank conducts business from its headquarters in Paoli, PA and through its nine other banking locations in Chester, Delaware and Bucks counties, Pennsylvania and Morristown, N.J. The Bank also recently announced a new representative office in Palm Beach, FL. Its primary market niche is providing personalized service to its client base.