Valley National, 1st United complete merger

Emily Bader//November 4, 2014//

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Wayne-based Valley National Bancorp, the holding company of Valley National Bank, announced Monday that it has completed its merger with 1st United Bancorp Inc., effective Nov. 1, 2014.According to the announcement, Valley will issue approximately 30.7 million shares of common stock in the transaction. Financial terms were not disclosed. Shareholders of 1st United will receive 0.89 of a share of Valley stock for each 1st United share they own.

“We are extremely excited about our expansion into Florida, one of the best growth markets in the United States,” Gerald H. Lipkin, Chairman, president and CEO of Valley said in a prepared statement.

“We believe the combined size and synergies of the two companies will make us uniquely positioned to take full advantage of Valley’s wide-range of financial services and products within this new high growth market, and complement our continuous efforts to expand the Valley brand throughout our New Jersey and New York footprint,” he added.

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