Malaga Financial Corporation (OTCBB:MLGF). The Board of Directors of Malaga Financial Corporation announced today the election of Jerry Donahue to the position of Chairman of the Board. Mr. Donahue will also serve as Chairman of its subsidiary, Malaga Bank FSB. Mr. Donahue succeeds Robert E. Kershaw, who passed away on June 10, 2011.
Mr. Donahue is a founding director of Malaga Bank and previously served as Chairman of the Board and Chairman of the Loan Committee. Mr. Donahue is a Principal of Del Amo Construction, Inc. in Torrance and a long-time resident of Palos Verdes Estates.
“We are delighted to announce that Jerry will assume the duties of Chairman,” said Randy C. Bowers, President and CEO, “and pleased to have such a seasoned businessman leading our Board of Directors. We are fortunate that our entire Board of Directors has served since the opening of Malaga Bank in 1985. Their consistent leadership ensures our long-term stability as we continue to build on our existing success. Our recent ranking by US Banker as the top performing publicly traded community bank in California and the 15 th best performing publicly traded community bank in the United States as of December 31, 2010 is evidence of the Board’s effective governance and direction.”
For 26 years, Malaga has been delivering not only competitive banking services to residents and businesses of the South Bay, but also real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Bank’s web site is located at www.malagabank.com.