On December 14, 2022, First Bank, Hamilton, New Jersey, announced the signing of a merger agreement with Malvern Bancorp, Inc. and Malvern Bank, Paoli, Pennsylvania, pursuant to which Malvern Bancorp, Inc. and Malvern Bank will merge with and into First Bank in a transaction valued at approximately $149.5 million.

First Bank has approximately $2.6 billion in assets and operates 18 full-service branch offices in New Jersey and Pennsylvania.

Malvern Bancorp, Inc., the holding company for Malvern Bank, has approximately $1.04 billion in assets and operates nine locations in Pennsylvania, New Jersey and Florida.

Luse Gorman is serving as legal counsel to First Bank in the transaction. The Luse Gorman team consists of Lawrence Spaccasi, Marc Levy, Max Seltzer and Ellie Cook.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past seven years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.