Valley National Bancorp and USAmeriBancorp received regulatory and shareholder approvals necessary to complete the previously announced merger of USAB with and into Valley.

Common shareholders of USAB will receive 6.100 shares of Valley common stock for each share of USAB common stock that they hold since the exchange ratio is subject to adjustment in the event Valley’s average closing price is less than $11.50 or greater than $13.00 prior to closing. The merger is expected to be effective on January 1, 2018, subject to the completion of remaining closing conditions.

As of September 30, 2017, USAB, largely through its wholly-owned subsidiary, USAmeriBank, had approximately $4.5 billion in assets, $3.6 billion in net loans and $3.6 billion in deposits, and maintains a branch network of 30 offices. The acquisition represents a significant addition to Valley’s Florida franchise, and will 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. The combined company is expected to have more than $28 billion in assets and 238 branches.