WAYNE, N.J., Oct. 3, 2017 /PRNewswire/ -- Valley National
Bancorp (NYSE: VLY) ("Valley") and USAmeriBancorp, Inc. ("USAB")
(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.
About Valley
Valley National Bancorp is a regional
bank holding company headquartered in Wayne, New Jersey with 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.
About USAmeriBank
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 Tallapoosa areas 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.
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SOURCE Valley National Bancorp