PALOS VERDES ESTATES, Calif.--(BUSINESS WIRE)--Randy Bowers, President and CEO, today announced that the Board of Directors of Malaga Financial Corporation (OTCPink:MLGF) has appointed Andrew Sheng, DMD to fill the vacancy created by the resignation of founding board member, Steven P.L. Sheng.
Dr. Andrew Sheng, a local resident raised on the Peninsula, is deeply involved in the local community. His children attend the Palos Verdes Peninsula School District and Andrew is on the Board of Managers of the Peninsula and San Pedro YMCA as well as a member of the San Pedro Rotary. Dr. Sheng is owner and CEO of the thriving dentistry practice, Andrew Sheng Dental in San Pedro, and is excited to take on the responsibilities of a member of the board of directors of both MFC and Malaga Bank.
Jerry Donahue, Chairman of the Board, remarked, "We wish to express our gratitude for the long-time service of Mr. Steven P.L. Sheng on the boards of both MFC and Malaga Bank since the founding of the bank in 1985. Mr. Sheng’s leadership has served the boards well, including his role as Chairman of the Board in 2012. With his retirement, Mr. Sheng is looking forward to spending more time with his family as well as enjoying other pursuits. Mr. Sheng will continue to be a part of the Malaga family and the bank he helped found."
Malaga Bank, a subsidiary of MFC, is a full-service community bank headquartered on the Palos Verdes Peninsula with six offices located in the South Bay area of Los Angeles. In its 32nd year, Malaga Bank has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Bank’s web site is located at www.malagabank.com.