Company Profile
- First Bank (NASDAQ: FRBA) (“the bank”) is a $3.8 billion-asset bank that operates 25 branches between Philadelphia and New York City, with another in Palm Beach. The bank’s legacy footprint is primarily in Central New Jersey (headquartered in Hamilton), though FRBA has diversified its operations more into Eastern Pennsylvania over the years, in which the franchise currently reflects a 60/40 split between the NJ and PA markets, respectively.
- Since its inception in 2007, the bank has grown through a combination of organic and acquisitive growth. FRBA has completed five whole bank and one branch-related transaction since 2014, which has added over $1.7 billion in assets. The most recent acquisition of Malvern Bancorp, Inc. (NASDAQ: MLVF) (“Malvern”), which closed in 3Q23, was the largest transaction to date at just under $1.0 billion in assets, and strengthened the bank’s…