First Bank and Malvern Bancorp received regulatory approvals from various agencies for their previously announced merger, according to a Thursday announcement from First Bank, a New Jersey state-chartered bank with 14 full-service branches in state.
The merger will see First Bank acquiring Malvern Bancorp Inc. and its subsidiary, Malvern Bank.
“This strategic merger enhances our market presence and deposit share in eastern Pennsylvania and adds to our robust growth strategy,” Patrick Ryan, CEO and president of First Bank, said. “The merger with Malvern Bank, known for its commercial lending, private banking and outstanding customer service, demonstrates our commitment to low-risk, high-quality transactions that broaden our service region. We’re excited to incorporate Malvern Bank’s staff into our First Bank team.”
The completion of the merger is expected by mid-July, pending satisfaction of customary closing conditions.