First Bank, a New Jersey state-chartered bank, recently entered into a definitive merger agreement with National Association, the parent company of Malvern Bank, to acquire Malvern Bancorp, valued at approximately $149.5 million.
The merger allows First Bank to expand its market position and deposit share in eastern Pennsylvania, strengthen its balance sheet, complement its organic growth strategy, and provide expanded access to cost-effective deposits.
“We are excited to be combining with a financially strong and strategically well-positioned community bank,” Anthony Weagley, of Malvern Bancorp president and CEO, said. “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. Importantly, First Bank shares Malvern Bank’s vision of providing customers with a rewarding banking experience, and the combined company will be well-positioned to enhance the products and services already provided to our customers. We believe this strategic combination will benefit all the stakeholders of the combined company, and we look forward to working closely with First Bank’s team to complete the transaction.”
The boards of directors of both banks approved the merger, which is expected to close during the second quarter of 2023.