FRBA - First Bank to acquire Malvern Bancorp for $7.80/share in cash

• First Bank ( NASDAQ: FRBA ) and Malvern Bancorp ( NASDAQ: MLVF ), the parent company of Malvern Bank, National Association to acquire Malvern Bancorp, Inc. and Malvern Bank in a transaction valued at ~$149.5M.
• The merger has been unanimously approved by the boards and is expected to be completed in the second quarter of 2023.
• Pursuant to the closure, First Bank will have ~$3.68B in assets with 27 branches located in seven New Jersey counties, three eastern Pennsylvania counties and one Florida county.
• Per the terms, Malvern Bancorp shareholders will receive 0.7733 shares of First Bank common stock and $7.80 in cash per each Malvern Bancorp common share outstanding.
• First Bank expects to issue ~5.9M new shares of First Bank common stock and $59.4M in cash consideration to consummate this transaction.

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