Small community mutual savings bank in Philadelphia offering deposit products (savings, money market, CDs, IRAs) and residential real estate mortgages since 1924.
Editorially reviewed by Harvey Brooks
Second Federal Savings & Loan Association of Philadelphia was founded in 1924 as the Thomas E. Coale Building and Loan Association and has operated continuously from its Center City location at 1727 Chestnut Street since 1948. As a federally chartered mutual savings association, the institution is owned by its depositors rather than shareholders, and is regulated by the Office of the Comptroller of the Currency (OCC) with membership in the Federal Home Loan Bank of Pittsburgh. The bank has maintained a single-location operation for over 75 years, emphasizing personalized service to its local customer base.
Second Federal's product offerings are intentionally focused and limited. On the deposit side, they provide Passbook savings accounts, Money Market accounts, and Certificates of Deposit (CDs), including IRA accounts structured as CDs. Current promotions include a 17-month CD at 3.95% APY with a $10,000 minimum deposit. All savings accounts are FDIC insured up to legal limits. On the lending side, they exclusively offer residential real estate mortgages for both homeowners and real estate investors, with the stated policy that they do not lend on unsecured terms.
What distinguishes Second Federal is its mutual ownership structure, which means depositors are the actual owners and the institution prioritizes safety and soundness over profit extraction. The bank maintains no checking accounts, online banking, credit cards, debit cards, or money access cards—deliberately maintaining a simplified, traditional banking model. The institution has achieved 5-star ratings from Bauer Financial and reports no troubled loans, with capital levels exceeding previous highs set in 2004. Management tenure is notably stable, with current President & CEO David B. Rowland leading since 2017.
However, this institution is best suited for a specific niche: individuals seeking safe deposit products and those qualified for residential real estate financing in the Philadelphia area. The absence of checking accounts, online banking, and ATM/debit access makes this impractical for everyday banking needs. The single physical location and limited services mean customers must visit in person and have no digital convenience options. For most consumers, Second Federal functions as a supplementary savings or mortgage provider rather than a primary bank.
Yes. Second Federal Savings & Loan Association of Philadelphia is a registered company headquartered in 1727 Chestnut St, Philadelphia, PA 19103. They hold a NR rating with the Better Business Bureau.
CreditDoc Diagnosis
Second Federal is best for Philadelphia-area savers and real estate borrowers who prioritize safety, local relationship banking, and mutual ownership alignment over digital convenience and breadth of services. The primary caveat is that this is not a full-service bank—the absence of checking accounts, online access, and ATM services makes it unsuitable as a primary financial institution for customers needing everyday transactional banking.
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