Wayne-based Valley National Bancorp, the holding company of Valley National Bank, announced that its merger with USAmeriBancorp, Inc. was completed effective January 1.
Valley will issue approximately 65 million shares of common stock in the transaction. The common shareholders of USAB will receive 6.1 shares of Valley common stock for each USAB share that they own.
Effective January 1, USAB’s wholly-owned subsidiary, USAmeriBank, was merged into and under the name Valley National Bank. As of September 30 last year, USAB, largely through USAmeriBank, had approximately $4.5 billion in assets, $3.6 billion in net loans, $3.6 billion in deposits and a branch network of 29 offices. The acquisition represents a significant addition to Valley’s Florida franchise, and will meaningfully enhance its presence in the Tampa Bay market, which is Florida’s second largest metropolitan area by population. The acquisition will also bring Valley to the Birmingham, Montgomery and Tallapoosa areas in Alabama, where USAmeriBank has maintained 15 offices. Full systems integration is expected to be completed near the end of the first quarter of 2018.
Ira Robbins, CEO of Valley said, “The completion of this transaction unites two strong institutions, giving us a more significant presence in new and existing markets. Additionally, this combination provides Valley with a substantial base for future organic growth across all aspects of the business. We are very excited to welcome USAmeriBank customers and employees into the Valley family. We look forward to working with Joe Chillura, and his team as we utilize their strong market expertise to expand the Valley brand.”
“We are thrilled to join an institution that shares our commitment to highly personal service,” said Joseph V. Chillura, CEO of USAB, who has joined Valley as the regional president of the Florida West Coast and Alabama Division. “I look forward to leading our organic growth efforts in Florida and Alabama, and as a team, we are excited about continuing the Valley tradition of providing first-rate service to all of our customers, while expanding our product offerings.”
In connection with the merger, USAB Chairman, Jennifer W. Steans, has joined the Board of Directors of Valley.
“We welcome Jennifer Steans to Valley and look forward to her insights and contributions as we unite these two great institutions,” said Gerald H. Lipkin, Chairman of the Board of Valley.Related Articles: