First Bank in Hamilton, New Jersey, said it had secured regulators' collective nod and now plans to close its acquisition of Malvern Bancorp in Paoli, Pennsylvania, in mid-July.
The deal, billed as a bid
But in First Bank's case, needed signoffs came together within days of the initial target, and the buyer is now sharpening its focus on its plan to capitalize on the acquisition to further expand in Pennsylvania's largest market.
The $2.8 billion-asset First Bank said in a release on Thursday that it received 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 a non-objection from the Board of Governors of the Federal Reserve System, to complete the acquisition of Malvern in Philadelphia's suburbs.
The deal was valued at $149.5 million when it was announced.
"This strategic merger enhances our market presence and deposit share in eastern Pennsylvania and adds to our robust growth strategy," Patrick Ryan, president and CEO of First Bank, said in an email to American Banker. "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."
The $1 billion-asset Malvern has seven branches — in addition to its headquarters — primarily in Philadelphia suburbs across Pennsylvania and New Jersey.
First Bank currently has 18 branches and is in the process of deepening its presence across the corridor that stretches from Philadelphia to New York City. First Bank has closed four bank acquisitions in the past decade, including a buyout of
