Malvern Bancorp Inc. has closed the underwritten public offering of 1,190,477 common shares at a price of $21 per share, raising a total of $25.0 million in gross proceeds. The net proceeds are set to come in around $23.4 million.

The company has given the underwriter an option to purchase up to an additional 178,571 common shares. If fully exercised, it would result in about $3.7 million of additional gross proceeds, or approximately $3.6 million of additional net proceeds.

Malvern expects to use the net proceeds from the offering to increase its capital structure, to fund future organic growth and for working capital and other general corporate purposes.

Sandler O'Neill & Partners LP served as sole underwriter for the offering.