About Us
Who We Are
Second Federal Savings & Loan Association of Philadelphia is a small community bank based in Center City with a second branch in the Fishtown neighborhood of Philadelphia.
We offer deposit products for individuals and businesses Checking Accounts and Passbook and Money Market accounts. For individuals also have a wide range of Certificates of Deposits that are also available as IRA accounts. We offer on-line banking service as well as debit 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.
Our main branch has been located at 1727 Chestnut Street for over 75 years and our new Fishtown branch is conveniently located on East Girard Avenue. We look to continue serving the Philadelphia region with exceptional personal service for many years to come.
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 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.
In 2026, the Pennsylvania Department of Banking and Securities withdrew the charter of Tioga-Franklin Savings Bank and turned the institution over to the FDIC as receiver. The FDIC executed a Purchase and Assumption Agreement with Second Federal awarding it Tioga’s loan-related assets and all of its deposit liabilities. This purchase and assumption more than doubled the size of the bank and greatly increased the range of products Second Federal could make available to its customers.
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
Woo K. Kim
Controller
Joseph R. Mesi
Director of Correspondent Lending
Ivy W. Kilgannon
Center City Branch Manager
Kellie Johnson
Fishtown Branch Manager
President’s Letter
To Our Depositors:
We completed our 102nd year with very strong net profits that boosted our capital level to another record high. As always, we have achieved this while maintaining a safe and sound financial institution.
Our lending business continues to grow, and we are making final preparations to offer Small Business Administration (SBA) loans. In addition, we have welcomed Joseph Mesi as Director of Correspondent Lending who is at your service for homeowner mortgage financing and re-financing.
Our most exciting news concerns our future. We were awarded the loan assets and deposit liabilities of the former Tioga-Franklin Savings Bank. This transaction more than doubles our size and provides us with the computer systems and software that will allow us to offer a wide range of products and services including checking accounts, internet banking and electronic fund transfers. We warmly welcome the former Tioga-Franklin customers into Second Federal.
This dramatic growth will not change our hallmark personalized service and face-to-face customer experience. Our commitment to knowing our customers and serving their individual needs will remain at the heart of everything we do.
The Directors, management, and staff thank you for your ongoing support, and we look forward to continuing to serve to you in the coming years.
David B. Rowland
President & CEO
Statement Of Financial Condition
As of June 30, 2026
Assets
Cash & Cash Equivalents | $3,194,057 |
Available-for-Sale Securities | $4,469,755 |
Loans Receivable, Net | $37,093,871 |
Notes Receivable | $250,000 |
FHLB Stock (at cost) | $583,800 |
Premises & Equipment, Net | $51,834 |
Accrued Interest Receivable | $325,239 |
Deferred Taxes | $207,833 |
Other Assets | $53,730 |
Total | $46,254,729 |
Liabilities & Retained Earnings
Deposits | $24,236,986 |
Borrowings from FHLB | $14,000,000 |
Escrow for Taxes and Ins. | $305,023 |
Accruals & Other | $362,365 |
Total Liabilities | $38,904,374 |
Total Retained Earnings | $7,350,355 |
Total | $46,254,729 |
Note: The above statement has been prepared in accordance with the regulatory reporting requirements of the Office of the Comptroller of the Currency.