First Bank To Buy Malvern Bancorp, Malvern Bank For Around $149.5 Mln

(RTTNews) - First Bank (FRBA) said on Wednesday that it has inked a deal to acquire Malvern Bancorp, Inc. (MLVF) and Malvern Bank, for around $149.5 million.

The consideration is based upon First Bank's closing price of $15.31 per share on December 13.

Malvern Bancorp is the parent company of Malvern Bank. According to the deal, Malvern Bancorp shareholders will receive 0.7733 shares of First Bank, and $7.80 in cash per each Malvern Bancorp share outstanding.

First Bank expects to issue approximately 5.9 million new shares of First Bank, and $59.4 million in cash consideration to consummate this transaction.

Following the completion of the transaction, expected in the second quarter of 2023, First Bank will have around $3.68 billion in assets with 27 branches.

Patrick L. Ryan, CEO of First Bank, said: "This strategic transaction expands our market position and deposit share in eastern Pennsylvania, while complementing our strong organic growth strategy."

Malvern Bancorp, Inc. had assets of approximately $1.04 billion, loans of around $815.6 million, and deposits of approximately $785.3 million as of September 30.