SUMMARY ANNUAL REPORT FOR
HUNTINGDON VALLEY BANK 401 K PROFIT SHARING PLAN AND TRUST
This is a summary of the annual report for the Huntingdon Valley Bank 401 K
Profit Sharing Plan And Trust (Employer Identification Number 23-0718025, Plan Number 002) for the plan year 01/01/2018 through 12/31/2018. The annual report has been filed with the Employee Benefits Security Administration, as required under the
Employee Retirement Income Security Act of 1974 (ERISA).
Basic Financial Statement
Benefits under the plan are provided by a trust fund. Plan expenses were
$212,485. These expenses included $11,105 in administrative expenses and $201,380 in benefits paid to participants and beneficiaries, $0 in certain deemed and/or corrective distributions, and $0 in other expenses. A total of 85 persons were
participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits.
The value of plan assets, after subtracting liabilities of the plan, was $2,371,267 as of the end of the plan year,
compared to $2,341,201 as of the beginning of the plan year. During the plan year the plan experienced a change in its net assets of $30,066. This change includes unrealized appreciation or depreciation in the value of plan assets; that is, the
difference between the value of the plan's assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. The plan had total income of $242,551, including employer
contributions of $0, employee contributions of $284,906, other contributions/other income of $17,937 and earnings from investments of
-$60,292.
Information Regarding Plan Assets
The U.S. Department of Labor's regulations require that an independent
qualified public accountant audit the plan's financial statements unless certain conditions are met for the audit requirement to be waived. This plan met the audit waiver conditions for the plan year beginning 01/01/2018 and therefore has not had
an audit performed. Instead, the following information is provided to assist you in verifying that the assets reported on the Form 5500 were actually held by the plan.
At the end of the plan year, the plan had qualifying plan
assets at the following institution(s):
Reliance Trust Company
$1,631,678
The plan receives year-end statements from these regulated
financial institutions that confirm the above information.
The remainder of the plan's assets were held in individual participant
accounts with investments directed by participants and beneficiaries and with account statements from regulated financial institutions furnished to the participant or beneficiary at least annually, qualifying employer securities and loans to
participants and other qualifying assets.
Plan participants and beneficiaries have a right, on request and free of charge, to get copies of the financial institution year-end statements. If you want to examine or get copies of the financial institution
year-end statements, please contact Ms. Jami Needleman, who is a representative of the plan administrator, at 3501 Masons Mill Rd Suite 401, Huntingdon Valley, PA 19006 and phone number, 267-280-4000.
If you are unable to obtain or examine copies of the regulated financial
institution statements, you may contact the regional office of the U.S. Department of Labor's Employee Benefits Security Administration (EBSA) for assistance by calling toll-free 866-444-EBSA (3272). A listing of EBSA regional offices can be
found at http://www.dol.gov/ebsa.
General information regarding the audit waiver
conditions applicable to the plan can be found on the U.S. Department of Labor Web site at http://www.dol.gov/ebsa under the heading "Frequently Asked Questions."
Your Rights to Additional Information
You have the right to receive a copy of the full annual report, or any part
thereof, on request. To obtain a copy of the full annual report, or any part thereof, write or call the office of Ms. Jami Needleman, who is a representative of the plan administrator, at 3501 Masons Mill Rd Suite 401, Huntingdon Valley, PA 19006
and phone number, 267-280-4000.
You also have the right to receive from the plan administrator, on request and
at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan
administrator, these two statements and accompanying notes will be included as part of that report.
You also have the legally protected right to examine the annual report at the
main office of the plan: 3501 Masons Mill Rd Suite 401, Huntingdon Valley, PA 19006, and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the
Department should be addressed to: Public Disclosure Room, Room N-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.