First Bank to merge with Malvern Bancorp in a $150m deal.

First Bank, a New Jersey state-chartered bank with 18 full-service branches, agreed to merge with Malvern Bancorp, a bank holding company, in a $150m deal. "We are excited to be combining with a financially strong and strategically well-positioned community bank. First Bank has an excellent track record and is successfully executing upon its vision to be a premier community bank focused on high-touch customer service throughout the New York City to Philadelphia corridor. Importantly, First Bank shares Malvern Bank’s vision of providing customers with a rewarding banking experience and the combined company will be well positioned to enhance the products and services already provided to our customers. We believe this strategic combination will benefit all the stakeholders of the combined company and we look forward to working closely with First Bank’s team to complete the transaction," Anthony Weagley, Malvern Bancorp President and CEO.