Since the banking crisis of 2008 and the mass consolidation among banks, the number of banks in the U.S. has declined significantly while total bank assets have risen. Banks continue to merge even now in 2017, which not only perpetuates “too big to fail” concerns, but also affects the charitable giving of banks.
Big bank foundations, such as the Bank of America Charitable Foundation, PNC Foundation, and Cathay Bank Foundation, tend to have fairly wide geographic reach with a presence in many parts of the country. Meanwhile, other banks, like Malvern Federal Savings Bank, have remained regional, and so has their giving. This particular community bank serves Southeastern Pennsylvania and Southern New Jersey, and it’s based in the Philadelphia suburb of Paoli.
Bank funders almost always stick to their service areas, and this one is no exception. The Malvern Federal Charitable Foundation (MFCF) recently announced a new set of 10 grants totaling $75,000 toward its local markets. For example, the Chester County Fund for Women and Girls received an MFCF grant, as well as Curing Kids Cancer, Foundation for Learning in Tredyffrin/Easttown, and Vantage Health System.
“Collectively, these organizations provide vital services each year to hundreds of people in Southeastern Pennsylvania,” said Anthony C. Weagley, the president and CEO of Malvern Federal Savings Bank. “Our grants are intended to assist these organizations in fulfilling their missions of helping our neighbors. Since its founding in 2008, the foundation has awarded grants totaling more than $500,000 to organizations that improve the quality of life in the region.”
Malvern Federal Savings Bank was originally organized in 1887 and is one of the oldest banks on the Philadelphia Main Line. Today, it has banking locations in the Pennsylvania counties of Chester, Delaware and Bucks, as well as Morristown, New Jersey. However, the bank recently announced an expansion that could potentially throw a wrench into local grantmaking in this well-defined region. Malvern announced new representative offices in Montchanin, Delaware and Palm Beach Florida, prompting us to wonder if some of the bank’s grant dollars will begin to flow further north and south.
In addition to grants, this bank’s community development mission extends to community events like local charity runs and Christmas celebrations. Overall, the bank has recently supported the categories of youth, housing, education and health. You can learn about other past grantees here.