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,” Patrick Ryan, CEO and president of First Bank, said. “Malvern Bank has built a strong customer base by providing extraordinary customer service and we intend to continue this tradition.”
Read more from ROI-NJ:
- First Bank, Malvern Bancorp get green light to merge
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“This merger assures our customers and other stakeholders will transition to a company with similar organizational values and cultures,” Anthony Weagley, CEO and president of Malvern Bancorp, said. “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 adviser to First Bank and Piper Sandler & Co. acted as financial adviser to Malvern Bancorp. Luse Gorman P.C. provided legal counsel to First Bank and Holland & Knight LLP provided legal counsel to Malvern Bancorp.