Valley National Bank’s parent, Valley National Bancorp (Valley), has completed the acquisition of the US arm of Bank Leumi Le-Israel.

The deal, announced in September 2021, was valued at $1.14bn.

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As per the terms of the agreement, Valley will issue 85 million shares of its common stock and pay $113m in cash.

Bank Leumi shareholders will be eligible to receive 3.8025 shares of Valley common stock and $5.08 in cash for each Bank Leumi common stock held.

As of 31 December 2021, the acquired firm had $8.3bn in assets, $5.8bn in loans and $7.1bn in deposits.

It is believed that the deal will create the 29th-largest publicly traded bank by assets in the US while enhancing Valley’s commercial banking expertise and providing new business capabilities.

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Valley CEO Ira Robbins said: “This transaction further solidifies Valley’s position as one of the premier full-service commercial banks in the country. We are incredibly excited about the new business capabilities and the differentiated growth opportunities that Bank Leumi will bring to our combined organisation.

“On behalf of our board of directors and our executive leadership team, I would like to welcome Bank Leumi clients and employees to the Valley family. We look forward to continuing our journey together.”

As part of the merger, Bank Leumi president and CEO Avner Mendelson has taken a seat on Valley’s board of directors as vice-chairman.

Additionally, Bank Leumi Le-Israel head of corporate division Ronen Agassi has joined Valley’s board of directors.