Malvern Bank Announces Appointment of Jeffrey Steigerwalt as Executive Vice President, Managing Director of Private Banking

Rhea-AI Summary

Malvern Bank has appointed Jeffrey Steigerwalt as Executive Vice President, Managing Director of Private Banking. With over two decades of banking experience, Steigerwalt aims to enhance the bank's private banking, lending, and niche marketing sectors. Previously, he served as Philadelphia Regional President at ESSA Bank & Trust. Anthony C. Weagley, the bank's CEO, praised Steigerwalt's management skills and community involvement. Malvern Bank, operating since 1887, focuses on personalized banking services across Pennsylvania, New Jersey, and Florida.

Positive

• Appointment of experienced banker Steigerwalt expected to strengthen private banking and lending sectors.
• Steigerwalt's background in community involvement may enhance local engagement and reputation.

Negative

• Possible concerns about turnover in management could affect continuity in strategic direction.

Steigerwalt will be responsible for expanding Malvern Bank’s private banking, lending, and niche marketing efforts

PAOLI, Pa., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Malvern Bank, National Association (the “Bank” or “Malvern”), the wholly owned subsidiary of Malvern Bancorp, Inc. (NASDAQ: MLVF), announced the appointment of Jeffrey Steigerwalt as Executive Vice President, Managing Director of Private Banking. In this role, Steigerwalt will be responsible for expanding Malvern Bank’s private banking, lending, and niche marketing business segments.

Steigerwalt has more than two decades of financial and banking experience, serving most recently as Philadelphia Regional President of ESSA Bank & Trust. Steigerwalt also previously served as Senior Relationship Manager for First Niagara/Key Bank.

Anthony C. Weagley, President and CEO of Malvern, commented, “Jeff’s experience in bank management, lending and his community involvement make him an outstanding addition to Malvern’s executive team. He has also acted as a strong spokesperson for the banking industry in the Philadelphia area.”

Steigerwalt, a native and current resident of Havertown, graduated from Episcopal Academy and earned a bachelor’s degree from Widener University. He serves on the Advisory Board of the Daniel M. DiLella Center for Real Estate at Villanova University and within his community is a Board member of the Hilltop Baseball League.

Steigerwalt commented, “I am excited to join Malvern Bank which has been a staple in the Philadelphia and Tri-state area since 1887. As a national bank, with offices stretching from just south of New York to Palm Beach Florida, the directive for Malvern Bank’s Private Banking Division is embracing technology and personalized service. The Private Banking Division will deliver Malvern Bank’s full-service lending, banking and online capabilities to the individual, business, and niche markets as the need for in person banking locations continues to diminish. Our objective is to work closely with customers to ensure their banking experience is enhanced through communication and understanding of individual/business needs.”

About Malvern Bancorp, Inc.

Malvern Bancorp, Inc. is the holding company for Malvern Bank, National Association (“Malvern Bank”), an institution that was originally organized in 1887 as a federally-chartered savings bank. Malvern Bank, now serves as one of the oldest banks headquartered on the Philadelphia Main Line. For more than a century, Malvern Bank has been committed to helping people build prosperous communities as a trusted financial partner, forging lasting relationships through teamwork, respect and integrity.

Malvern Bank conducts business from its headquarters in Paoli, Pennsylvania, a suburb of Philadelphia, and through its nine other banking locations in Chester and Delaware counties, Pennsylvania, Morristown, New Jersey, its New Jersey regional headquarters and Palm Beach Florida. Malvern Bank also maintains representative offices in Wellington, Florida, and Allentown, Pennsylvania.  Malvern Bank’s primary market niche is providing personalized service to its client base. 

Malvern Bank, through its Private Banking Division and a strategic partnership with Bell Rock Capital in Rehoboth Beach, Delaware, provides personalized investment advisory services to individuals, families, businesses and non-profits. These services include 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.

Malvern Bank offers insurance services though Malvern Insurance Associates, LLC, which provides clients a rich array of financial services, including commercial and personal insurance and commercial and personal lending.

For further information regarding Malvern Bancorp, Inc., please visit our website at http://ir.malvernbancorp.com. For information regarding Malvern Bank, please visit our website at http://www.mymalvernbank.com.

Investor Relations:
Joseph D. Gangemi
EVP & CFO
(610) 695-3676

Investor Contact:
Nathaniel Jordan
(610) 695-3646

Media Contact:
David Culver
(610) 724-0954

FAQ

What are Jeffrey Steigerwalt's responsibilities at Malvern Bank?

As Executive Vice President, Managing Director of Private Banking, Steigerwalt is responsible for expanding the private banking, lending, and niche marketing efforts.

What is the significance of Steigerwalt's appointment for MLVF?

Steigerwalt's appointment is significant as it brings over 20 years of banking experience, which may help improve Malvern Bank's competitive position.

When did Jeffrey Steigerwalt join Malvern Bank?

Jeffrey Steigerwalt joined Malvern Bank on November 4, 2021.

What experience does Jeffrey Steigerwalt have?

Steigerwalt has over two decades of experience in banking, most recently serving as Philadelphia Regional President of ESSA Bank & Trust.

What is Malvern Bank's market area?

Malvern Bank operates in Pennsylvania, New Jersey, and Florida, providing personalized banking services.