Malvern Federal Bancorp will alter its ownership structure from one involving a mutual holding company to a stock holding company.
It's a move typical of small banks. Malvern Federal Mutual Holding Co. now owns 55.5 percent of the outstanding shares of Malvern Federal Bancorp. Those two entities will merge, and new holding company created that will sell new shares.
Management said in a statement that the proceeds from the stock offering would "strengthen" the bank's capital levels.
Malvern Federal, which is based in Paoli, operates nine branches in Chester and Delaware Counties.
We're just at the start of earnings season for local companies. PNC Financial Services Group reported Q4 net income of $493 million, or 85 cents per share, compared with $834 million, or $1.55 per share, for the same quarter of 2010. The Pittsburgh bank holding company said total revenue was also down to $3.5 billion from $3.9 billion for Q4 2010
Worth reading today is a commentary on Fortune's website about all of the Monday morning quarterbacking over Kodak's imminent demise. As Doblin Inc. co-founder Larry Doblin writes, even innovation has fashions.