USAB’s wholly owned subsidiary, USAmeriBank, was merged into the Valley National Bank brand at the start of the year. USAB has a large presence in the Florida market, where Valley has been expanding, and gives Valley a presence in Alabama, as well.
“The completion of this transaction unites two strong institutions, giving us a more significant presence in new and existing markets,” said Ira Robbins, who became Valley’s CEO effective Jan. 1, following the retirement as CEO of Valley Chairman Gerald H. Lipkin. “Additionally, this combination provides Valley with a substantial base for future organic growth across all aspects of the business.”
Valley will issue about 65 million shares of common stock in the transaction, with USAB common shareholders receiving 6.1 Valley shares for every USAB share they own.
Joseph V. Chillura, CEO of USAB, has joined Valley as regional president of the Florida West Coast and Alabama Division. USAB Chairman Jennifer W. Steans has joined Valley’s board of directors.