Malvern Bank on the hunt for business customers in Delaware

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Malvern Bancorp, Inc. is on the hunt for business customers in northern Delaware.

The parent company of Paoli, PA-based Malvern Bank recently announced the formation of an Advisory Board, that includes two members of the Delaware commercial real estate and development community.

Malvern opened a private client office in Montchanin in 2017.

Named to the board were Brock Vinton, CEO of The Commonwealth Group, LLC, Wilmington and Duncan Patterson, president of Patterson-Woods, Wilmington.

Commonwealth is a developer, while Patterson-Woods is a commercial real estate brokerage firm.

Vinton and Patterson joined the 15-member group that includes attorneys, accountants and entrepreneurs met back in March to discuss the board’s mission of “how to enhance visibility and grow Malvern’s already well-established role as a premier Pennsylvania banking company and leading business and community partner,” a release stated.

.“For almost 132 years, Malvern has been one of the state’s best-kept secrets in banking and has specialized in providing customized financial services for owners of small and mid-sized businesses. We have been successful in this respect by establishing long-term, multi-faceted relationships with our customers, and by responding to their needs. As the bank grows and continues to reshape its customer base toward lending, we want to ensure that we continue to receive this valuable feedback from our customers and increase our visibility in the markets,” stated Malvern Bancorp CEO Anthony C. Weagley.

Malvern and other financial institutions are looking at a new banking landscape and possible opportunities asWilmington-based WSFS combines operations with recently acquired Beneficial Bank.

WSFS plans to close about a quarter of the offices of combined banks while making technology upgrades.

Malvern, Beneficial and WSFS all have their roots in the savings society business that dates back to the 1800s that provided immigrants with access to bank services.

For many years, the financial institutions focused on home and to some extent business lending, but have since diversified into a wider range of financial services, while converting to companies with publicly traded stock.

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