Anthony C. Weagley is new president and chief executive officer at Paoli-based Malvern Bancorp, holding company for Malvern Federal Savings Bank.

F. Claire Hughes, Jr., chairman of the board, said Sept. 23 Weagley will be a catalyst in advancing the company and laying a foundation for growth and profitability for shareholders.

Weagley has more than 35 years of experience in the financial services industry and was most recently president and CEO of Center Bancorp, Inc. and its subsidiary Union Center National Bank of Union, N.J. In his career Weagley was also associated with Union Center National Bank.

“Tony Weagley is an accomplished leader and career banker with a proven track record of successfully guiding business growth and process improvement, and we are confident that he is the right person to lead the company in achieving our goals for the company and the bank,” said George Steinmetz, vice chairman.

For his part, Weagley said there are “significant untapped resources in our market area, and I am confident that, working with our board of directors and dedicated employees, we can turn our operations around, achieve our true potential as a premier community bank serving the needs of our loyal customers and build value for our shareholders.”

Weagley replaces Ron Anderson, who resigned in January.  In June the company reported its total assets had decreased $23.5 million (3.9 percent) to $578.1 million, compared to $601.6 million last Sept. 30.

In an effort to cut costs Malvern also closed its Westtown branch bank in June.