Valley National Bancorp will strengthen its footprint in Florida through a merger deal signed with 1st United Bancorp, which is valued at approximately $300m.
The transaction, which is expected to conclude during the fourth quarter of 2014, will create a united bank with almost $18.1bn in assets and 225 branch offices located across New Jersey, New York and Florida.
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Under the terms of the agreement, for each 1st United Bancorp, share holders will receive 0.89 of a share of Valley common stock. That amounts to $8.69 a share based on Valley’s closing price on 7 May 2014.
Valley chairman, president & CEO Gerald H Lipkin was quoted by nj.com as saying that 1st United "shares a similar corporate culture to Valley.
"With its middle market commercial corporate emphasis, 1st United has an experienced and conservative banking team, and strong core deposit and capital bases.
"With this merger, we add a well-positioned institution located in regions of Florida with very strong demographics," Lipkin told the publication.
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