Skip to content

About Us

Who We Are

Second Federal Savings & Loan Association of Philadelphia is a small community bank located in Center City Philadelphia.

We offer deposit products for the saver including Passbook and Money Market accounts as well as Certificates of Deposit. IRA accounts are available as Certificates of Deposit. We do not have checking accounts, on-line banking, credit or debit cards or money access cards. We provide personal service to those who save with us. In terms of lending, we offer residential real estate mortgages for both home-owners and real estate investors. Unless a loan is collateralized with real estate, we do not lend.

We have been located at 1727 Chestnut Street for over 75 years and look to continue serving the Philadelphia region with exceptional personal service for many more years.

Our financial institution is a federally chartered mutual savings association. We are owned by our depositors and hence, have neither stock nor shareholders. We are regulated by the Office of the Comptroller of the Currency (OCC) and have membership in the Federal Home Loan Bank of Pittsburgh.

History

Founded as the Thomas E. Coale Building and Loan Association in 1924, the bank was originally located at 1533 Orthodox Street in the Frankford section of Philadelphia. In 1936 the Association converted to a federal charter and changed its name. The following year it relocated to 1425 Chestnut Street. In 1939 the Lansdowne Avenue Building and Loan Association merged into Second Federal.

The Association purchased its current building in 1948 and has operated from this single location ever since. The lobby was designed in 1957 by Philadelphia architect J. Joshua Fish. Between 1973 and 1983, the bank operated a second branch located in the Ridge Pike Plaza Shopping Center in Eagleville.

The Presidents of the Association are:

Thomas E. Coale, 1924-1939

Frank R. Bowers, 1939-1946

Bernard H. Krow, 1946-1953

Edward Sheffler, 1953-1974

L. Robert Sheffler, 1974-2011

Victor J. Pomante, 2011-2017

David B. Rowland, 2017 to present

Board Members

David H. Hess, Chairman

David B. Rowland, Treasurer and Secretary

Stephen B. Basiaga

Larry R. Levin

William J. Lloyd, Jr.

Matthew G. Markovich

Derek S. Menaldino

John S. Coleman, Board Advisor

Management

David B. Rowland
President & CEO

Charles D. Whitford, Jr.
Chief Lending Officer

Ivy W. Kilgannon,
Branch Manager

President’s Letter

As of June 30, 2023

To Our Depositors:
I am pleased to report that your associa-tion has posted strong profits for the past fiscal year. Additionally, the loan portfolio has grown significantly while total assets have remained stable.

At the end of last year, the Association borrowed a large amount of funds from the Federal Home Loan Bank (FHLB) at a very favorable rate with an eye to roll-ing those funds back into mortgages. That plan was successful and additional mortgages have since been placed on the books. Such moves have kept profits strong and contributed to another posi-tive year.

The Association maintains its 5-star fi-nancial institution rating by Bauer Finan-cial.

We offer competitive rates on our depos-it accounts as well as on our mortgage products for homeowners and real estate investors. Most importantly, we provide the personalized service and face-to-face customer experience that few financial institutions can deliver.

As we conclude the Association’s 99th year, the Directors, management and staff thank you for your ongoing sup-port, and we look forward to being of service to you in the months and years ahead.

David B. Rowland
President & CEO

Statement Of Financial Condition

As of June 30, 2023

Assets

Cash & Cash Equivalents
$1,815,533
Available-for-Sale Securities
$4,359,076
Loans Receivable, Net
$27,993,947
Notes Receivable
$250,000
FHLB Stock (at cost)
$457,500
Premises & Equipment, Net
$41,245
Accrued Interest Receivable
$164,909
Deferred Taxes
$289,016
Other Assets
$42,393
 Total
$35,413,619

Liabilities & Retained Earnings

Deposits
$17,677,444
Borrowings from FHLB
$11,000,000
Escrow for Taxes and Ins.
$226,067
Accruals & Other
$401,961
Total Liabilities
$29,305,472
Total Retained Earnings
$6,108,147
 Total
$35,413,619

Note: The above statement has been prepared in accordance with the regulatory reporting requirements of the Office of the Comptroller of the Currency. 

1. FDIC insurance: all savings accounts are covered up to the maximum amount allowed by law.
2. Rates are subject to change at any time without notice. APR stands for Annual Percentage Rate.
3. Penalties for early withdrawals apply.
4. The information on this site is not intended to provide legal, tax, accounting, or investment advice. Consult a qualified advisor for advice specific to your circumstances.