First Priority Financial Corp., the parent company of Malvern’s First Priority Bank, has acquired a $65 million commercial loan portfolio from an unnamed local banking institution.

The portfolio complements the Bank’s existing commercial and commercial real estate loan businesses. It also increased First Priority’s total loan portfolio by 15 percent, from $418 million as of the end of June, to close to $483 million.

“The transaction is unique for First Priority as it will significantly increase our operating performance through higher revenues,” is immediately accretive to annualized run rate earnings and earnings per share; and allows us to lever our existing capital more effectively,” said David E. Sparks, Chairman and CEO of First Priority Financial Corp and Chairman of First Priority Bank.

Sparks also noted that the acquisition provides the Bank with an opportunity to broaden its relationships with a group of very attractive new customers.

The growth of the First Priority Bank in its first decade of operations has been helped by two acquisitions. The purchase of Prestige Community Bank eight years ago, followed by the acquisition of Affinity Bancorp in 2012.

“Our bank is well positioned to support the diverse financial needs of today’s small business customers,” added Sparks. “We’re pleased with the opportunity and look forward to introducing First Priority and our exceptional level of personal service to our new customers.”

Check out previous VISTA Today coverage of First Priority Bank here.