Exhibit 4





Exhibit 4.0








(FORM OF STOCK CERTIFICATE - FRONT SIDE)




NUMBER

SHARES










COMMON STOCK

CUSIP  _____________

(Par Value $.01 Per Share)

See reverse for

certain definitions







MALVERN BANCORP, INC.

A Pennsylvania Corporation













This certifies that ___________________________________ is the
registered holder of _________________ fully paid and non-assessable shares of the Common Stock, par value $.01 per share, of Malvern Bancorp, Inc. (the
"Corporation").




The shares evidenced by this Certificate are transferable in person or
by a duly authorized attorney or legal representative, upon surrender of this Certificate properly endorsed. This Certificate and the shares represented
hereby are subject to all the provisions of the Articles of Incorporation and Bylaws of the Corporation and any and all amendments thereto. This
Certificate is not valid unless countersigned by the Transfer Agent and registered by the Registrar. This security is not a deposit or savings account
and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other Federal or state governmental agency.




IN WITNESS WHEREOF, the Corporation has caused this Certificate
to be executed by the facsimile signatures of its duly authorized officers and has caused its facsimile seal to be affixed hereto.




Dated:










	_____________________ (SEAL)	_________________________________________
	Shirley R. Stanke	Ronald Anderson
	Corporate Secretary	President and Chief Executive Officer

















(FORM OF STOCK CERTIFICATE - BACK SIDE)




The Corporation is authorized to issue more than one class of stock,
including a class of preferred stock which may be issued in one or more series.  The Corporation will furnish to any stockholder, upon written request and
without charge, a full statement of the designations, preferences, limitations and relative rights of the shares of each class authorized to be issued and, with
respect to the issuance of any preferred stock to be issued in series, the relative rights and preferences between the shares of each series so far as the
rights and preferences have been fixed and determined and the authority of the Board of Directors to fix and determine the relative rights and preferences of
subsequent series.




The Articles of Incorporation of the Corporation include a provision
which generally prohibits any person (including an individual, company or group acting in concert) from directly or indirectly offering to acquire or acquiring
the beneficial ownership of more than 10% of any class of equity securities of the Corporation.  In the event that stock is acquired in violation of this
10% limitation, the excess shares will no longer be counted in determining the total number of outstanding shares for purposes of any matter involving
stockholder action and the Board of Directors of the Corporation may cause such excess shares to be transferred to an independent trustee for sale in the open
market or otherwise, with the expenses of such sale to be paid out of the proceeds of the sale.




The following abbreviations, when used in the inscription on the face of
this Certificate, shall be construed as though they were written out in full according to applicable laws or regulations:




TEN COM

-

as tenants in common




TEN ENT

-

as tenants by the entireties




JT TEN

-

as joint tenants with right of survivorship and not

as tenants in common




UNIF GIFT MIN ACT - ______________ Custodian ______________ under
                         (Cust)

                  (Minor)

              Uniform Gifts to Minors Act ________________________

                          
                        (State)







Additional abbreviations may also be used though not in the above list.














For value received, _________________________________ hereby sell,
assign and transfer




PLEASE INSERT SOCIAL SECURITY OR OTHER

TAXPAYER IDENTIFYING NUMBER OF ASSIGNEE




┌─────────────────────────
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│
                              │

└─────────────────────────
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unto ______________________________________________________________  

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE, OF ASSIGNEE




____________________________________________________________________________________

____________________________________________________________________________________

___________________________  

__________________________ shares of Common Stock represented by this Certificate, and do
hereby irrevocably constitute and appoint __________________________ as Attorney, to transfer the said shares on the books of the within named Corporation, with
full power of substitution.







Dated _____________ __, ____







_______________________________

Signature










_______________________________

Signature







Notice:  The signature(s) to this assignment must correspond with the name(s) written
upon the face of this Certificate in every particular, without alteration or any change whatsoever.