Hamilton-based First Bank and Malvern Bancorp Inc. of Paoli, Pa., have received regulatory approvals from multiple agencies to move forward with their previously announced merger, the institutions jointly announced July 6. 

Under the terms of the agreement, which is expected to close by mid-July, First Bank would acquire Malvern Bancorp Inc. and its wholly owned subsidiary, Malvern Bank, for a combination of cash and stock. 

The deal was valued at approximately $149.5 million when it was announced in December 2022. 

The banks said they have received approvals from the Federal Deposit Insurance Corp., the New Jersey Department of Banking and Insurance, and the Pennsylvania Department of Banking and Securities, as well as non-objection from the board of governors of the Federal Reserve System. 

“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, told NJBIZ. “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. We’re excited to incorporate Malvern Bank’s staff into our First Bank team.”

If the deal closes, First Bank will have approximately $3.68 billion in assets with 27 branches across seven New Jersey counties, three in eastern Pennsylvania and one in Florida. 

Editor’s note: NJBIZ reporter Matthew Fazelpoor contributed to this story.