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Malvern Bank Demonstrates Its Commitment to Local Education by Awarding $20,000 to 5 Southeastern Pennsylvania Independent Schools

FOR IMMEDIATE RELEASE
Malvern Bank Demonstrates Its Commitment to Local Education by Awarding $20,000 to 5 Southeastern Pennsylvania Independent Schools
Bank’s awards are part of the Opportunity Scholarship Tax Credit Program, which provides tuition assistance benefiting deserving local students.
 
PAOLI, Pa., November 19, 2021 – Malvern Bank, National Association (the “Bank” or “Malvern”), the wholly owned subsidiary of Malvern Bancorp, Inc. (NASDAQ: MLVF) (the “Company”), has awarded $20,000 in Opportunity Scholarship Tax Credit (OSTC) funds to five local independent schools.
 
The OSTC program, administered by the Pennsylvania Department of Community and Economic Development, provides tax credits to eligible businesses contributing to an Opportunity Scholarship Organization. These contributions are then used by organizations to provide tuition assistance – in the form of scholarships to eligible students residing within the boundaries of a low-achieving school – to attend another public school outside of their district or nonpublic school. This is the second year Malvern Bank has participated in the OSTC program.
 
This year’s recipients of Malvern Bank OSTC funds are:
·              Abington Friends School in Jenkintown, Pa.
·              The Baldwin School in Bryn Mawr, Pa.
·              The Grayson School in Radnor, Pa.
·              Media-Providence Friends School in Media, Pa.
·              The Woodlynde School in Strafford, Pa.
 
“Malvern Bank is committed to secondary education in our markets, and these OSTC grants are a visible, tangible reflection of our commitment,” said Anthony C. Weagley, President and CEO of Malvern Bancorp, Inc., and the Bank. “The education of our children is of paramount importance to our communities’ futures, and Malvern Bank, as a corporate citizen, believes we should take an active role in the advancement and success of our local schools.”
 
According to Cynthia McGoff, Director of Development for Media-Providence Friends School, one of the Malvern Bank award recipients, “The funds we receive through OSTC have a profound impact on our ability to help enroll, and sustain financial aid for, talented and well-qualified students who contribute to and benefit from the Media-Providence Friends School programming. These funds have helped families to make an important investment in their childern’s education during their most important formative years.”
 
A hi-res image appears below. From left to right: Mark Cohen, Senior Vice President, Malvern Bank; Cynthia McGoff, Director of Development, Media-Providence Friends School; Patricia McLennan, Director of Community Development, Malvern Bank.
 
 

 
About Malvern Bancorp, Inc.
 
Malvern Bancorp, Inc. is the holding company for Malvern Bank, National Association, an institution that was originally organized in 1887 as a federally-chartered savings bank. Malvern Bank, National Association 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. The Bank also maintains representative offices in Wellington, Florida, and Allentown, Pennsylvania.  The 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 nonprofits. 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.
 
The Bank offers insurance services through 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, National Association, please visit our website at http://www.mymalvernbank.com

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