First Bank, Malvern Bancorp receives regulatory approvals for combination

First Bank and Malvern Bancorp, the parent company of Malvern Bank, National Association announced receipt of regulatory approvals from the Federal Deposit Insurance Corporation, 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, to complete the previously announced acquisition under which First Bank will acquire Malvern Bancorp, Inc. and its wholly-owned subsidiary, Malvern Bank, for a combination of cash and stock. The Merger is anticipated to close by mid-July 2023, pending satisfaction of customary closing conditions