$36M IPO set for Malvern bank

Malvern Federal Bancorp said this morning it plans to sell shares worth $36.4 million at $10 apiece Thursday as the 125-year-old lender speeds its transition from a depositor-owned mutual savings bank to a shareholder-owned company.

The stock should begin trading on the Nasdaq Global Market on Friday under the symbol MLVFD, and later as MLVF. The bank, based in Paoli, has eight branches in Chester and northern Delaware counties. 

Will Malvern's initial public stock offering lead to a speedy sale, to Beneficial or one of the Philadelphia area's other acquisitive local banks? Chief executive Ronald Anderson is away on vacation this week and unavailable for comment, according to his office.

Continue Reading