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March 7, 2022

Bank Leumi US arm secures all approvals for merger with Valley National

The proposed merger of Bank Leumi’s US arm and Valley National Bancorp has secured all necessary regulatory approvals.

The deal is now slated to close on 1 April 2022, Reuters reported citing Bank Leumi.

In September last year, Valley National signed a definitive merger agreement to acquire Leumi, the US subsidiary of Bank Leumi Le-Israel and parent company of Bank Leumi USA.

The deal was valued at around $1.14bn.

The merger will create 29th-largest publicly traded bank by assets in the US further expanding Valley’s commercial product offerings.

As of 30 June 2021, Bank Leumi had total assets of $8.4bn.

At the time of announcement, Valley chairman, president and CEO Ira Robbins said: “We are extremely excited about the combination with Bank Leumi and the diverse growth opportunities that we expect the partnership will bring.

“Bank Leumi’s unique deposit verticals, including the technology and venture capital business, will continue the significant funding improvement that we have driven over the last few years.

“On the lending side, Bank Leumi will add diversification into niche C&I segments and new geographies including in California and Illinois.”

Other recent banking deals in the US

Last month, digital personal finance company SoFi Technologies completed Golden Pacific Bancorp acquisition.

On the other hand, Civista Bancshares signed a definitive agreement to acquire Comunibanc Corp for $50.2m.

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