First Bank in New Jersey gets regulatory approvals to close deal in Philly
The deal to buy Malvern Bancorp should hasten First Bank's efforts to expand its reach from Philadelphia to New York City. First Bank in Hamilton, ...
The deal to buy Malvern Bancorp should hasten First Bank's efforts to expand its reach from Philadelphia to New York City. First Bank in Hamilton, New Jersey, said it had secured regulators' collective nod and now plans to close its acquisition of Malvern Bancorp in Paoli, Pennsylvania, in mid-July. The deal, billed as a bid to expand in Greater Philadelphia when it was announced in December of last year, was originally slated to close by the end of the second quarter. Regulatory approval processes have often taken longer than expected due to elevated scrutiny in the wake of the Biden administration's call in 2021 for ramped-up examinations .