Valley National Bancorp, the parent company of Valley Bank, announced Nov. 9 that the Office of the Comptroller of the Currency (OCC) had approved the proposed merger of Providence Bank & Trust with and into Valley Bank, with Valley Bank as the surviving bank.
The Federal Reserve Bank of New York granted a waiver of prior approval for the merger of the holding companies. All required regulatory approvals to complete the proposed transaction have now been received.
The merger is expected to be effective Jan. 1, 2027, subject to the receipt of Providence shareholder approval and the satisfaction or waiver of the remaining customary closing conditions set forth in the merger agreement.
