First Bank in New Jersey gets regulatory approvals to close deal in Philly

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.

But in First Bank’s case, needed signoffs came together within days of the initial target, and the buyer is now sharpening its focus on its plan to capitalize on the acquisition to further expand in Pennsylvania’s largest market.

The $2.8 billion-asset First Bank said in a release on Thursday that it received…