Valley National Bancorp completed its acquisition of Bank Leumi Le-Israel Corporation (Leumi USA), the U.S. subsidiary of Bank Leumi Le-Israel (BLITA) and parent company of Bank Leumi USA.
Valley National Bancorp will issue approximately 85 million shares of common stock and pay $113 million in cash in the transaction. The common shareholders of Leumi USA will receive 3.8025 shares of Valley National Bancorp common stock and $5.08 in cash for each Leumi USA common share they own.
As of Dec. 31, 2021, Bank Leumi USA had approximately $8.3 billion in assets, $5.8 billion of diverse commercial loans and $7.1 billion of low-cost deposits.
“This transaction further solidifies Valley’s position as one of the premier full-service commercial banks in the country,” Ira Robbins, CEO of Valley National Bancorp, said. “We are incredibly excited about the new business capabilities and the differentiated growth opportunities that Bank Leumi will bring to our combined organization. On behalf of our board of directors and our executive leadership team, I’d like to welcome Bank Leumi clients and employees to the Valley family. We look forward to continuing our journey together.”
In connection with the merger, Avner Mendelson, former president and CEO of Bank Leumi USA, joined the board of directors of Valley National Bancorp in the role of vice chairman, and Ronen Agassi, head of the corporate division of BLITA, also joined the board of directors of Valley National Bancorp.
