Press Release
December 15, 2022

Holland & Knight Advises Malvern Bancorp on Strategic Combination with First Bank

NEW YORK (December 15, 2022) – Holland & Knight advised Malvern Bancorp, Inc. (NASDAQ: MLVF) in its strategic combination with First Bank (NASDAQ: FRBA). The merger, in which First Bank will acquire Malvern Bancorp, the parent company of Malvern Bank, National Association, is valued at approximately $149.5 million. The deal was announced on Dec. 14.

Malvern Bank is headquartered in Paoli, Pennsylvania, a suburb of Philadelphia, and serves its customers and communities through its nine banking locations in Chester and Delaware counties, Pennsylvania; Morristown, New Jersey; and Palm Beach, Florida.

As of Sept. 30, Malvern Bancorp had assets of approximately $1.04 billion, loans of approximately $815.6 million and deposits of approximately $785.3 million.

Following the closing of the transaction, First Bank will have approximately $3.68 billion in assets with 27 branches located in seven New Jersey counties, three eastern Pennsylvania counties and one Florida county.

Holland & Knight Partners Paul Aguggia and Richard Smith, Senior Counsel Nicholas Brunero, Associates Francesco Salpietro and Zachary Kauffman and Law Clerk Brian Sarfo led the firm's representation of Malvern Bancorp. They were assisted by Partners Thomas Bentz, Kerry Halpern, Travis Nelson, Alan Schwartz, Stephen Warren and Douglas Youngman, and Associate Michael Romeo.

More information on the transaction can be found here.

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