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
Nicholas T. Toth
Junior Lending Officer
Joseph R. Mesi
Director of Correspondent Lending
President’s Letter
To Our Depositors:
As we complete our 101st year, we are proud to announce that we have exceeded the one remaining significant financial metric for which we had not yet set a new Association record in recent years. In many regards, it’s the most important – our capital level – which now exceeds the previous high set in 2004. For our other metrics, we continue to set new record highs annually and, most critically, we manage a safe and sound financial institution with no troubled loans. In recognition of this financial strength, the Association remains a 5-star rated institution by Bauer Financial.
The strategic focus on investor mortgages for residential real estate continues to serve the Association well as our business has experienced sustained growth. In fact, we recently welcomed a new Junior Loan Officer, Nicholas Toth, who will assist Charles Whitford in serving our borrowers with skill, wisdom, and personal service.
We offer competitive rates on our deposit accounts as well as on our mortgage products for investors and homeowners. And, most importantly, we provide the personalized service and face-to-face customer experience few financial institutions offer.
The Directors, management, and staff thank you for your ongoing support, and we look forward to being of service to you in the coming years.
David B. Rowland
President & CEO
Statement Of Financial Condition
As of June 30, 2025
Assets
Cash & Cash Equivalents | $1,649,563 |
Available-for-Sale Securities | $4,374,819 |
Loans Receivable, Net | $33,963,251 |
Notes Receivable | $250,000 |
FHLB Stock (at cost) | $441,100 |
Premises & Equipment, Net | $25,985 |
Accrued Interest Receivable | $254,992 |
Deferred Taxes | $178,965 |
Other Assets | $46,415 |
Total | $41,185,090 |
Liabilities & Retained Earnings
Deposits | $23,203,576 |
Borrowings from FHLB | $10,500,000 |
Escrow for Taxes and Ins. | $263,856 |
Accruals & Other | $290,429 |
Total Liabilities | $34,257,861 |
Total Retained Earnings | $6,927,229 |
Total | $41,185,090 |
Note: The above statement has been prepared in accordance with the regulatory reporting requirements of the Office of the Comptroller of the Currency.