Valley National Bancorp, the holding company of Valley National Bank, completed its merger with USAmeriBancorp and its subsidiary, USAmeriBank, the latter of which will subsequently operate under the Valley National banner.
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.
As of September 30, 2017, 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, significantly adding to Valley’s Florida franchise. 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 Q1/18.
“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.”
“We look forward to working with Joe Chillura, and his team as we utilize their strong market expertise to expand the Valley brand,” said Ira Robbins, CEO of Valley.
In connection with the merger, USAB Chairman Jennifer W. Steans joined the board of directors of Valley.