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On July 17, First Bank completed its previously announced acquisition of Pennsylvania-based Malvern Bancorp Inc. along with its wholly owned subsidiary Malvern Bank, the Hamilton-based financial institution announced the same day.
The deal received regulatory approvals earlier this month.
According to First Bank, the combined stock and cash transaction was valued at approximately $129.7 million. When the merger plans were announced in December 2022, it was estimated at $149.5 million.
First Bank shares were trading at $12.13 at the opening of the Nasdaq Stock Market on July 17. First Bank’s Dec. 13, 2022, closing price stood at $15.31 per share.
“We are pleased to welcome Malvern customers, employees and shareholders to First Bank as we grow our banking presence in New Jersey and Pennsylvania,” First Bank President and CEOPatrick Ryan said in a statement. “Malvern Bank has built a strong customer base by providing extraordinary customer service and we intend to continue this tradition.”
The move expands First Bank’s footprint in the “highly desirable New York City to Philadelphia corridor,” according to the announcement, which added that the combined company’s consolidated assets equal approximately $3.8 billion.
Malvern’s website currently announces to its customers that “Malvern Bank is now a division of First Bank.” Anthony Weagley, president and CEO of Malvern Bancorp Inc., said the merger “assures our customers and other stakeholders will transition to a company with similar organizational values and cultures.”
As part of the agreement, First Bank expanded its board of directors by three seats and appointed three Malvern directors to its board: Andrew Fish, Howard Kent and Cynthia Felzer Leitzell.
With the addition of Malvern’s nine banking locations, First Bankwill now operate 27 branches across seven New Jersey counties, three in eastern Pennsylvania and one in Florida.
Hovde Group LLC acted as financial advisor to First Bank, and Piper Sandler & Co. acted as financial advisor to Malvern Bancorp. Luse Gorman PC provided legal counsel to First Bank, and Holland & Knight LLP provided legal counsel to Malvern Bancorp.
