First Bank, headquartered in Hamilton, New Jersey, is expanding again.
This fall, they’re opening new branches in Media, Pennsylvania, and Trenton, New Jersey, continuing their growth just over a year after buying Malvern Bancorp and moving into the Philadelphia suburbs.
Both locations were carefully picked for their central roles in their counties: Media is the seat of Delaware County, and Trenton is the capital of Mercer County.
The new Media branch is at 22 W. State St., in a building that used to be a Bryn Mawr Trust Co. branch.
That location closed in 2022 after Bryn Mawr was bought by WSFS Financial Corp. Patrick Ryan, First Bank’s CEO, says Media is an important spot for the bank’s growth in southeastern Pennsylvania.
First Bank will also be closing their Glen Mills branch, which they got when they acquired Malvern Bancorp, and many customers from Glen Mills will likely move to the Media branch.
First Bank’s expansion into the Philadelphia suburbs actually started in 2018 when they opened a branch in West Chester.
That branch came together when the bank brought on three former BB&T Corp. (now Truist Financial Corp.) lenders and raised $40 million to develop services focused on cash management for businesses.
When they bought Malvern Bancorp in July 2023, they gained five more branches in Chester County—Malvern, Pottstown, Devon, Paoli, and Downingtown—along with one branch each in Glen Mills, Morristown, New Jersey, and Palm Beach, Florida.
This deal added $996.3 million in assets to the bank, although their total assets have dipped a bit from $3.8 billion since then.
The Trenton branch is at 101 S. Warren St., and it will boost First Bank’s presence in Mercer County, where they already have branches in Hamilton, Ewing, Lawrenceville, and Pennington.
Ryan pointed out that having a branch in Trenton, New Jersey’s capital, was a natural move to round out the bank’s operations in the area.
Plus, the bank believes that the new Trenton branch will also attract customers who commute from Pennsylvania into Trenton, building on the bank’s existing relationships in Bucks County, PA.
These new branches show First Bank’s commitment to growing while staying connected to the communities they serve.
CEO Patrick Ryan has made it clear that the bank’s focus is on building real, personal relationships with their customers.
He explains, “Our focus is on providing personalized banking and genuine relationships our customers can trust. By listening closely, asking the right questions, and offering tailored solutions, we prioritize solving problems, not selling products.”
With $3.62 billion in assets, First Bank now has 26 branches spread across New Jersey and Pennsylvania.
Their locations include counties like Burlington, Gloucester, Hunterdon, and Mercer in New Jersey, and Bucks, Chester, and Delaware counties in Pennsylvania. They also have one branch in Palm Beach, Florida.
First Bank’s growth strategy focuses on opening branches where there are big opportunities while closing underperforming locations.
Ryan is confident about the bank’s growth potential, saying, “We will continue to be a growth story.”
However, First Bank, like many other banks, faces challenges in today’s market. Over the past year, loan and deposit growth has been flat.
Customers are taking advantage of higher returns from bond and money market funds outside the banking industry, making it harder for banks to attract new deposits.
Despite these challenges, Ryan says the bank is focused on optimizing their loan portfolio and keeping strong relationships with their customers.
This expansion comes after several successful acquisitions by First Bank in recent years.
In 2017, the bank bought Bucks County Bank for $27 million, which added four branches and $200 million in assets.
The following year, it acquired Delanco Bancorp for $13.5 million, bringing two branches and $126 million in assets.
In 2019, First Bank purchased Grand Bank in Hamilton, New Jersey, for $19.4 million in stock, adding two locations and $200 million in assets.
These acquisitions have allowed First Bank to grow steadily since its recapitalization in 2008 when Ryan’s team took over a struggling bank in Gloucester County and turned it into a regional banking success story.
Looking ahead, Ryan is optimistic. “The past year has been more a function of completing a large acquisition and recognizing that growth in a tough deposit market just didn’t make sense. As we look at our long-term compound annual growth rates, we think those are pretty strong, and we’ll continue to build and grow the bank.”
First Bank’s careful approach to growth, by expanding where it makes sense and focusing on the needs of their communities, sets them apart.
Their new branches in Media and Trenton are just the latest step in their plan to continue growing while staying true to their roots as a community bank.
Ryan summed it up perfectly: “We at First Bank are excited to expand our quality banking services throughout our footprint.”
First Bank’s mission is clear: to continue growing while maintaining the personal touch that defines a true community bank.