By Joshua Burd
First Bank has secured a series of state and federal regulatory approvals to acquire Malvern Bancorp Inc., with plans to complete the previously announced deal in the coming weeks.
According to First Bank, which is based in Hamilton, the agencies providing approvals include the Federal Deposit Insurance Corporation, the New Jersey Department of Banking and Insurance and the Pennsylvania Department of Banking and Securities. It has also secured non-objection from the Federal Reserve’s Board of Governors, paving the way for it to close the $149.5 million transaction after agreeing to the merger late last year.
“This strategic transaction expands our market position and deposit share in eastern Pennsylvania, while complementing our strong organic growth strategy,” Patrick L. Ryan, First Bank’s CEO and president, said in a December announcement. “This merger is another example of what we believe are high-quality and low-risk transactions we are using to build size and scale, solidify our market position and expand our service area. Malvern Bank’s emphasis on commercial lending, private banking and superior customer service create a great fit, and we are delighted to welcome Malvern Bank’s employees to the First Bank team.”
Malvern Bank is headquartered in Paoli, Pennsylvania, a suburb of Philadelphia, and serves its customers and communities through its nine banking locations in Chester and Delaware counties, as well as Morristown, New Jersey, and Palm Beach, Florida. The deal will leave First Bank with roughly $3.68 billion in assets, as of last fall, with 27 branches located in seven New Jersey counties, three eastern Pennsylvania counties and one Florida county.
The merger is anticipated to close by mid-July, pending satisfaction of customary closing conditions, the banks said.
