(This is a companion piece to the “Julia Parton: The Heart of Palos Verdes” article, which you can find here)
Since its establishment in 1985, Malaga Bank has been more than just a financial institution; it’s a steadfast supporter of the Palos Verdes community and a patron of local businesses. President and CEO, Randy C. Bowers, emphasizes Malaga Bank’s commitment to community spirit, stating, “At Malaga Bank, we champion the spirit of community. With genuine concern for both customers and the community, we stand as an example of support and connection that defines us beyond banking. We proudly support our community and patronize local businesses, recognizing that together, we create an environment of strength, resilience, and shared success.”
Functioning as a full-service community bank, Malaga Bank addresses the financial needs of the entire South Bay, offering a range of personal and business banking products and loans that rival those of larger financial institutions. The bank’s philosophy revolves around providing a comprehensive array of financial products and services, coupled with top-notch hospitality and service.
Despite the challenges faced by many community banks over the past 38 years, Malaga Bank has not only endured but has continued to grow. Throughout the Covid-19 pandemic, the bank recognized the struggles of its customers, both businesses and non-profits. When the SBA PPP program became available, Malaga Bank took a hands-on approach, working closely with customers to secure approvals and facilitate loan forgiveness. Unlike other institutions, Malaga Bank opted to provide personal assistance to customers, assigning dedicated staff to guide them through the application process.
For Malaga Bank, community service extends beyond banking services. The bank actively engages in sponsorships, fundraising initiatives, and encourages employee involvement on various non-profit boards. Employees contribute their time and efforts to support local non-profits and small businesses that are integral to the community’s prosperity.
In embodying the spirit of community, Malaga Bank treats its customers as loyal friends, and its employees live and work within the community they serve. This commitment to community goes beyond financial transactions, creating a lasting impact on the well-being and success of Palos Verdes.
