first bank said it has agreed to buy malvern bancorp inc in a stockandcash deal the companies valued at 1495 million malvern shareholders will receive 07733 shares of first bank common stock and 780 in cash for each share of malvern they own first bank expects to issue about 59 million new shares of common stock and 594 million in cash consideration to close the deal paoli pabased malvern is the parent company of malvern bank it has nine banking locations in chester and delaware counties pa morristown nj and palm beach fla the company had assets of about 104 billion loans of about 8156 million and deposits of about 7853 million as of sept 30 the company said once the deal closes first bank will have about 368 billion in assets with 27 branches in seven counties in new jersey three counties in pennsylvania and one county in florida first bank chief executive patrick ryan said the deal is high quality and low risk shares of malvern which are down less than 2 this year were halted ahead of the news write to will feuer at willfeuerwsjcom