Malvern Bancorp (MLVF) 10-K 2017 FY Annual report

Exhibit 21.1

MALVERN BANCORP, INC.

SUBSIDIARIES OF THE REGISTRANT

Name	Jurisdiction of Incorporation
Malvern Federal Savings Bank(1)	United States
Malvern Insurance Associates, LLC	Pennsylvania
(wholly-owned subsidiary of Malvern Federal Savings Bank)(2)
Coastal Asset Management Co.	Delaware
(wholly-owned subsidiary of Malvern Federal Savings Bank)
MFSB Mortgage Backed Security 2016-A Trust	Delaware
(95% owned by Coastal Asset Management Co., and 5% owned by Malvern Federal Savings Bank)
MFSB Mortgage Backed Security 2017-A Trust	Delaware
(95% owned by Coastal Asset Management Co., and 5% owned by Malvern Federal Savings Bank)

⁽¹⁾ Malvern Federal Savings Bank is in the process of converting from a federal savings bank to a national bank under the name “Malvern Bank, National Association” pursuant to application pending with the Office of the Comptroller of the Currency.

⁽²⁾ Malvern Insurance Associates, LLC (“Malvern Insurance”) was previously an indirectly wholly-owned subsidiary of Malvern Federal Savings Bank, with 100% of the equity interests of Malvern Insurance owned by Strategic Asset Management Group, Inc. (“SAMG”), a former wholly-owned subsidiary of Malvern Federal Savings Bank. In December 2017, SAMG was merged with and into Malvern Insurance.