Malaga Financial Corporation (OTCBB:MLGF), the parent company of Malaga Bank FSB, today announced their rating as one of the 349 safest banks in the United States. Using the complex Texas Ratio developed in the 1980s to determine fiscal safety, MSN.money rated over 7,300 banks in the country to find which were likely to be the safest. Only 349 institutions across the nation received a perfect Texas Ratio score.
Of the 16 California-based banks receiving this recognition, Malaga Bank is the only institution both headquartered in the South Bay and with all its branches serving communities in that area.
Malaga Bank’s branches are located in Palos Verdes Estates, Rolling Hills Estates, San Pedro and Torrance. The new Torrance-Skypark Branch in Malaga’s Torrance Loan Center is expected to open later this month.
Randy C. Bowers, President & CEO, remarked, “We are pleased to acknowledge this recognition, as it reinforces Malaga Bank’s performance for over 27 years in the South Bay. In addition, we were again ranked the #1 Thrift in the United States by SNL Financial for the third consecutive year. Using their 6 key performance metrics, Malaga was ranked #1 when measured against the top 100 performing thrifts.”Mr. Bowers concluded, “For over ten years, Malaga Bank has been recommended by Bauer Financial Inc. – a leading independent bank and credit union rating firm. Malaga is proud of our top 5-Star Rating for financial strength and stability. We have earned Bauer’s 5-Star rating for 18 consecutive quarters, as they reported on March 31, 2012. These recognitions acknowledge the overall financial strength of our organization, and our incredible customer loyalty speaks to the legendary customer service for which Malaga Bank is so well known.” Malaga Bank, a subsidiary of MFC, is a full-service community bank headquartered on the Palos Verdes Peninsula with five offices located in the South Bay area of Los Angeles. Since 1985 Malaga Bank has been delivering competitive banking services to residents and businesses of the South Bay, including 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.