Malvern Bancorp continues rapid growth

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Malvern Bancorp is continuing its rapid growth under CEO Anthony Weagley, with two new locations accepting deposits and three more planned, writes Jeff Blumenthal for the Philadelphia Business Journal.

The bank will soon start accepting deposits at its private banking centers in Quakertown and in Montchanin, Del. The Quakertown location, which is currently undergoing renovations, is home to the bank’s credit administration department. The Montchanin site has Bell Rock Capital, the bank’s wealth management partner.

The bank has traditional branches in Paoli, Malvern, Berwyn, Pottstown, and Lionville. Weagley is focusing on opening banking centers with hybrid professionals who are able to handle both private banking and commercial lending. In addition to Quakertown and Montchanin, these include Glen Mills, Villanova, Morristown, N.J., Palm Beach, Fla., and most recently, West Chester.

“I think all of the M&A has created opportunities for us,” Weagley said. “Yes, there still a lot of competition. People always ask who we compete against. And I respond by saying that we don’t compete against specific banks, but rather against good bankers.”

Read more about Malvern Bancorp in the Philadelphia Business Journal here.

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