Malvern Federal Savings Bank has hired its chief risk officer from a rival Pennsylvania bank.

William Woolworth joins the $624 million-asset Malvern in Paoli, Pa., after having previously served in a variety of jobs at Customers Bancorp in Wyomissing, Pa., including chief compliance officer, chief auditor and director of enterprise risk management.

Woolworth also previously worked as risk chief for First National Bank of Chester County, Pa., and in audit-director and manager positions in Baltimore at investment banking firm Ferris, Baker Watts, Citigroup, Provident Bank of Maryland and First Maryland Bank.

"The Dodd-Frank financial reform act has placed greater emphasis on risk and compliance in the financial services industry, and [Woolworth's] strong experience with several institutions in the region brings obvious benefits to the company," Malvern Chief Executive Anthony Weagley said in a news release Thursday.

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