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Valley National Receives Fed Nod to Acquire USAmeriBancorp
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Valley National Bancorp (VLY - Free Report) and USAmeriBancorp, Inc. recently received necessary approval from the Federal Reserve to complete their merger. The deal was announced on Jul 26, 2017.
However, the deal is still awaiting action by The Office of the Comptroller of the Currency and shareholders of both organizations.
The merger will likely close in first-quarter 2018 and is expected to be accretive to Valley National's earnings per share within 12 months from closing of the transaction.
Per the agreement terms, shareholders of USAmeriBancorp will receive 6.1 shares of Valley National for each share held, subject to adjustment if Valley National's stock price falls below $11.50 or rises above $13.00 prior to closing. The transaction is valued at about $816 million, based on Valley's closing stock price on Jul 25, 2017.
The combined company is expected to have approximately $28 billion in assets, $21 billion in loans, $21 billion in deposits and 239 branches across New Jersey, New York, Florida and Alabama.
This merger would significantly enhance Valley National’s presence in Florida. The acquisition will also bring Valley National to the Birmingham, Montgomery, and Tallapoosa areas in Alabama, where USAmeriBankhas about 15 offices, contributing about $1.1 billion of deposits and $520 million in loans.
Valley National will retain the key executives of USAmeriBancorplike the CEO, Joseph V. Chillura, who will join as executive team member. Chairman of the acquired company, Jennifer W. Steans, will join as a board member.
Shares of Valley National have gained 3.5% year to date, versus the industry’s decline of nearly 1%.
Currently, the stock carries a Zacks Rank #3 (Hold).
M&T Bank’s current-year earnings estimates have been revised slightly upward over the past 60 days.
Syvonus’ Zacks Consensus Estimate for current-year earnings moved about 1% upward over the past 60 days.
National Commerce’s current-year earnings estimates have been revised nearly 4% upward, over the past 60 days.
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
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Valley National Receives Fed Nod to Acquire USAmeriBancorp
Valley National Bancorp (VLY - Free Report) and USAmeriBancorp, Inc. recently received necessary approval from the Federal Reserve to complete their merger. The deal was announced on Jul 26, 2017.
However, the deal is still awaiting action by The Office of the Comptroller of the Currency and shareholders of both organizations.
The merger will likely close in first-quarter 2018 and is expected to be accretive to Valley National's earnings per share within 12 months from closing of the transaction.
Per the agreement terms, shareholders of USAmeriBancorp will receive 6.1 shares of Valley National for each share held, subject to adjustment if Valley National's stock price falls below $11.50 or rises above $13.00 prior to closing. The transaction is valued at about $816 million, based on Valley's closing stock price on Jul 25, 2017.
The combined company is expected to have approximately $28 billion in assets, $21 billion in loans, $21 billion in deposits and 239 branches across New Jersey, New York, Florida and Alabama.
This merger would significantly enhance Valley National’s presence in Florida. The acquisition will also bring Valley National to the Birmingham, Montgomery, and Tallapoosa areas in Alabama, where USAmeriBankhas about 15 offices, contributing about $1.1 billion of deposits and $520 million in loans.
Valley National will retain the key executives of USAmeriBancorplike the CEO, Joseph V. Chillura, who will join as executive team member. Chairman of the acquired company, Jennifer W. Steans, will join as a board member.
Shares of Valley National have gained 3.5% year to date, versus the industry’s decline of nearly 1%.
Currently, the stock carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the financial space are M&T Bank Corporation (MTB - Free Report) , Syvonus Financial Corp. (SNV - Free Report) and National Commerce Corporation . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
M&T Bank’s current-year earnings estimates have been revised slightly upward over the past 60 days.
Syvonus’ Zacks Consensus Estimate for current-year earnings moved about 1% upward over the past 60 days.
National Commerce’s current-year earnings estimates have been revised nearly 4% upward, over the past 60 days.
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Download the new report now>>