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.