PAOLI, PA — First Bank (Nasdaq: FRBA) and Malvern Bancorp, Inc. (Nasdaq: MLVF), the parent company of Malvern Bank, National Association, announced the recent receipt of regulatory approvals from the Federal Deposit Insurance Corporation, the New Jersey Department of Banking and Insurance and the Pennsylvania Department of Banking and Securities, as well as non-objection from the Board of Governors of the Federal Reserve System, to complete the previously announced acquisition under which First Bank will acquire Malvern Bancorp, Inc. and its wholly-owned subsidiary, Malvern Bank, for a combination of cash and stock.
The Merger is anticipated to close by mid-July 2023, pending satisfaction of customary closing conditions.
First Bank is a New Jersey state-chartered bank with 18 branches across New Jersey and Pennsylvania. With assets of $2.8 billion, they offer a complete range of deposit and loan products to individuals and businesses in the NYC to Philadelphia corridor. Listed on Nasdaq as “FRBA”.
Malvern Bancorp is the holding company for Malvern Bank, an institution founded in 1887. With nearly $1 billion in assets, Malvern Bank is one of the oldest banks on the Philadelphia Main Line. Malvern Bancorp operates from Pennsylvania, New Jersey, and Florida.
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