Valley National Bancorp (NYSE: VLY) and USAmeriBancorp, Inc. (OTC Pink: USAB) jointly announced today that the Federal Reserve Bank of New York, acting under authority delegated by the Board of Governors of the Federal Reserve System, granted the approval necessary to complete the previously announced merger of USAB with and into Valley.
The companies entered into a merger agreement on July 26, 2017, in which the common shareholders of USAB will receive 6.1 shares of Valley common stock for each USAB share they own, subject to adjustment in the event Valley's volume-weighted average stock price falls below $11.50 or rises above $13.00 prior to closing. The transaction is valued at an estimated $816 million, based on Valley's closing stock price on July 25, 2017.
Valley is still awaiting action by The Office of the Comptroller of the Currency and shareholders from each organization.
Valley National Bancorp is a regional bank holding company headquartered in Wayne, New Jerseywith approximately $23 billion in assets. Its principal subsidiary, Valley National Bank, currently operates over 200 branch locations in northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn, Queens and Long Island, and Florida. Valley National Bank is one of the largest commercial banks headquartered in New Jersey with executive offices in Manhattan and West Palm Beach. Helping communities grow and prosper is the heart of Valley's corporate citizenship philosophy. For more information about Valley National Bank and its products and services, please visit a convenient branch location, www.valleynationalbank.com or call our Customer Service Team at 800-522-4100.
USAmeriBank is an independent, non-public bank based in Clearwater, Florida, that has established itself as an outstanding middle-market financial institution. The bank serves the needs of individuals and businesses in the Tampa Bay area in Florida, and in the Birmingham, Montgomery and Tallapoosaareas in Alabama, by providing a high-level of personalized service and attention to a targeted customer base. USAmeriBank's parent company is USAmeriBancorp, Inc. More information is available at www.USAmeriBank.com.