On December 28, 2017, George Steinmetz, a director of Malvern Bancorp, Inc. and its Malvern Federal Savings Bank subsidiary, informed the company's board of directors that due to other business commitments, Mr. Steinmetz is electing to not stand for re-election at the Company's 2018 annual meeting. On January 2, 2018, the company announced that Julia D. Corelli had been appointed, on such date, to the boards of directors of the Company and the Bank effective January 1, 2018. Ms. Corelli has been a partner at Pepper Hamilton LLP for more than 23 years, with a practice focusing on counseling all kinds of investment vehicles on formation, regulation and operations, as well as business and transactions counseling to family offices and life science companies. She is currently co-Chair of Pepper's Commercial Department.