Expanded Presence in Highly Desirable New York City to Philadelphia Corridor. First Bank announced that its acquisition of Malvern Bancorp, Inc was completed before the open of business on July 17, 2023.
The combined stock and cash transaction was valued at approximately $129.7 million and will expand First Bank’s footprint in the highly desirable New York City to Philadelphia corridor. The consolidated assets of the combined company equal approximately $3.8 billion.
“We are pleased to welcome Malvern customers, employees and shareholders to First Bank as we grow our banking presence in New Jersey and Pennsylvania,” said Patrick L. Ryan, President and Chief Executive Officer of First Bank. “Malvern Bank has built a strong customer base by providing extraordinary customer service and we intend to continue this tradition.”
“This merger assures our customers and other stakeholders will transition to a company with similar organizational values and cultures,” said Anthony Weagley, President and Chief Executive Officer of Malvern Bancorp, Inc. “First Bank shares our values of great customer service and commitment to the community.”
Effective upon the closing of the merger, First Bank expanded its Board of Directors by three seats and appointed three Malvern directors, Andrew Fish, Howard Kent and Cynthia Felzer Leitzell, to the First Bank Board.
Hovde Group, LLC acted as financial advisor to First Bank and Piper Sandler & Co. acted as financial advisor to Malvern Bancorp, Inc. Luse Gorman, PC provided legal counsel to First Bank and Holland & Knight LLP provided legal counsel to Malvern Bancorp, Inc.
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