Daily News | Chester County-based Malvern Bank is sold to N.J.’s First Bank
$149.5 million in cash and stock, worth around $15.31 a share, for Malvern Bancorp, a Paoli-based company with nine branches that has struggled to boost profits in recent years.
The lack of a recent trading premium sends a cautionary signal to those looking for a revival of bank mergers at a time when many bank stocks have been depressed by theMalvern Bank was founded as a building-and-loan society that evolved into a depositor-owned savings bank and then a publicly traded commercial bank. It reported a small loss in 2021, but this year said it was once again profitable.
The deal adds Malvern’s $1 billion in loans and other assets — mostly in Chester County, the richest of Pennsylvania’s 67 counties, and neighboring areas — to First Bank’s current 18 branches with $2.7 billion in assets in Mercer, Burlington, Gloucester Counties, north-central New Jersey, West Chester and Bucks County, Pa., and an outpost in Florida.
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