Brief: Malvern Bancorp Says Got Third-Party Appraisal Report That Provided Collateral Value Materially Less Than Previously Reported Estimate As Of Sept 30, 2020

Malvern Bancorp

18/05/2021 21:56

May 18 (Reuters) - Malvern Bancorp Inc  MLVF.O :
    * MALVERN BANCORP - GOT THIRD-PARTY APPRAISAL REPORT THAT
PROVIDED
COLLATERAL VALUE MATERIALLY LESS THAN PREVIOUSLY REPORTED
ESTIMATE AS OF SEPT 30, 2020
    * MALVERN BANCORP - RECEIVED THIRD-PARTY APPRAISAL
INDICATING AN
ADDITIONAL $3.1 MILLION IMPAIRMENT
    * MALVERN BANCORP - MANAGEMENT, AUDIT COMMITTEE DETERMINED
ON FEB
9, TO AMEND, RESTATE ORIGINAL 10-K
    * MALVERN BANCORP - DETERMINED THAT INVESTORS SHOULD NO
LONGER
RELY ON CONSOLIDATED FINANCIAL STATEMENTS CONTAINED IN ORIGINAL
10-K

Source: (https://bit.ly/3fuYmTW)
Further company coverage:  MLVF.O 

 ((Reuters.Briefs@thomsonreuters.com;))