The Board of Directors of Malaga Financial Corp (OTC:MLGF) announced on Friday that Jerry has been elected to act as the Chairman of the Board. Mr. Donahue will also be supposed to serve as the Chairman of its subsidiary, Malaga Bank FSB.
Robert E. Kershaw, who passed away on June 10, 2011, has been succeeded by Mr. Donahue.
Mr. Donahue has been related to the Company as its founding director and he has also served as Chairman of the Board and Chairman of the Loan Committee in the past. He is a principal of Del Amo Construction, Inc. in Torrance and is known to be a resident of Palos Verdes Estates since a long-time.
On this Randy C. Bowers, President and CEO remarked that they are delighted to announce that Jerry will assume the duties as Chairman and were pleased to have such a seasoned businessman leading their Board of Directors. He also informed that they have been fortunate that their entire Board of Directors has served since the opening of Malaga Bank in 1985.
Since about 26 years, the bank has contributed not merely in the direction of providing competitive banking services to residents and businesses of the South Bay, but also real estate loan products custom-tailored to consumers and investors. Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service as the largest community bank in the South Bay.
The shares of the Company closed at $15.25 after rising 3.39% on Friday and ranging at $15.25 – $15.25 which indicates that the share movement remained flat during the day with a volume of 200 against an average volume of 1,211. The Company’s market cap amounted $83.19 million.
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