Writer: Joshua Andino
2 min read July 2023 — Hamilton-based First Bank has completed its acquisition of Malvern Bancorp on Monday.
The combined stock and cash transaction totalled 129.7 million, while the consolidated assets of the newly combined company now stand at about $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 Ryan, president and CEO of First Bank in the Monday morning statement.
First Bank’s branch network now totals 27 branches across nine sites around Chester and Delaware counties in Pennsylvania, Malvern’s former New Jersey headquarters at Morristown, and a branch in Palm Beach, Florida. Prior to the acquisition, First Bank held 18 branches across New Jersey and Pennsylvania, including Cranbury, Delanco, Denville, Ewing, two in Flemington, Hamilton, Lawrence, Monroe, Pennington, Randolph, Somerset and Williamstown in New Jersey and Doylestown, Trevose, Warminster and West Chester in Pennsylvania.
First Bank’s stock (FRBA) opened Monday at $12.15 a share, closing later that day at $11.52. Malvern Bank’s website now lists it as a division of First Bank.
Bank mergers and acquisitions continue to be the norm across the industry as consolidation continues. “Banks need to gain scale and a lot of times the way to do that is to merge with other institutions,” explained Michael Affuso, president and CEO of the New Jersey Bankers Association in a separate interview regarding the state of the industry. The press release from First Bank notes that the merger creates a greater presence in the densely populated New York City-Philadelphia corridor.
“This merger assures our customers and other stakeholders will transition to a company with similar organizational values and cultures,” added Anthony Weagley, president and CEO of Malvern Bancorp in the release. “First Bank shares our values of great customer service and commitment to the community.”
First Bank has expanded its board of directors by three seats, appointing Malvern’s Andrew Fish, Howard Kent and Cynthia Felzer Leitzell to the new board.
For more information, please visit:
https://www.firstbanknj.com/
https://www.mymalvernbank.com/index.html
