Malvern Bank served as one of the oldest banks headquartered on the Philadelphia Main Line. was the holding company for Malvern Bank, National Association (“Malvern Bank”), an institution that was originally organized in 1887 as a federally-chartered savings bank. First Bank’s common stock is listed on the Nasdaq Global Market under the symbol “FRBA.” With $2.8 billion in assets as of March 31, 2023, First Bank offers a full range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor.
Luse Gorman, PC provided legal counsel to First Bank and Holland & Knight LLP provided legal counsel to Malvern Bancorp, Inc.įirst Bank is a New Jersey state-chartered bank with 18 full-service branches in Cinnaminson, Cranbury, Delanco, Denville, Ewing, Flemington (2), Hamilton, Lawrence, Monroe, Pennington, Randolph, Somerset and Williamstown, New Jersey and Doylestown, Trevose, Warminster and West Chester, Pennsylvania. acted as financial advisor to Malvern Bancorp, Inc.
Hovde Group, LLC acted as financial advisor to First Bank and Piper Sandler & Co. “First Bank shares our values of great customer service and commitment to the community.”Įffective 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. “This merger assures our customers and other stakeholders will transition to a company with similar organizational values and cultures,” said Anthony Weagley, President and Chief Executive Officer of Malvern Bancorp, Inc. “Malvern Bank has built a strong customer base by providing extraordinary customer service and we intend to continue this tradition.” Ryan, President and Chief Executive Officer of First Bank. “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 L. The consolidated assets of the combined company equal approximately $3.8 billion. 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. (Nasdaq Global Market: MLVF) was completed before the open of business on July 17, 2023. and PAOLI, Pa., J(GLOBE NEWSWIRE) - First Bank (Nasdaq Global Market: FRBA) today announced that its acquisition of Malvern Bancorp, Inc.
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