Malvern Bancorp in Paoli, Pa., has entered a partnership with Bell Rock Capital in Delaware to offer wealth management services.
The $542 million-asset company said in a press release Monday that Bell Rock an investment adviser will provide wealth management products and services to Malvern's customers around Philadelphia.
Malvern has been the subject of activist shareholder pressure in the past year, as PL Capital and Joseph Stilwell pushed the company to sell itself. Those firms dialed back the pressure after Malvern hired a new chief executive.
Malvern is also operating under a regulatory order from the Office of the Comptroller of the Currency.