First Bank Agrees To Buy Paoli-Based Malvern Bank

MALVERN, PA —First Bank of Hamilton, N.J., has agreed to purchase Malvern Bancorp, a Paoli-based bank, for $149.5 million in cash and stocks, according to a news release from Globe Newswire.

The merger has been unanimously approved by the boards of directors of both institutions and is expected to be completed in the second quarter of 2023, subject to the approval of First Bank and Malvern Bancorp, Inc. shareholders, as well as customary regulatory approvals.

Malvern Bank has about 80 employees and nine branches, most in Chester, Delaware and Montgomery counties, and one each in Florida and New Jersey.

Malvern Bancorp, Inc. had assets of approximately $1.04 billion, loans of approximately $815.6 million and deposits of $785.3 million.

“We are excited to be combining with a financially strong and strategically well-positioned community bank,” Anthony Weagley, president and CEO of Malvern Bancorp, Inc., said in a news release.
“First Bank has an excellent track record and is successfully executing upon its vision to be a premier community bank focused on high-touch customer service throughout the New York City to Philadelphia corridor.”

He said First Bank shares Malvern Bank’s vision of providing customers with a rewarding banking experience.

About First Bank

First Bank is a New Jersey state-chartered bank with 18 full-service branches in Cinnaminson, Cranbury, Delanco, Denville, Ewing, Flemington (2), Hamilton, Lawrence, Monroe, Pennington, Randolph, Somerset and Williamstown, New Jersey; and Doylestown, Trevose, Warminster and West Chester, Pennsylvania.

With $2.6 billion in assets as of September 30, 2022, First Bank offers a full range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor. First Bank's common stock is listed on the Nasdaq Global Market under the symbol “FRBA.”