Valley National BancorpNYSE
May 27, 2015, 7:34 AM
- Valley National Bancorp (NYSE:VLY) agrees to the purchase of Orlando's CNLBancshares (OTCPK:CNLB) in a deal valued at about $207M. The price to fully diluted tangible book value is 1.68x. CNLB owners will receive 0.75 of a share of VLY for each share of CNLB they own, subject to adjustment should VLY's share price dip below $8.80 or rise above $10.13.
- CNLB has about $1.4B in assets, $833M in loans, and $1.1B in deposits, and a branch network of 16 offices.
- It was in 2014 when Valley first entered Florida with the purchase of 1st United Bancorp, and results so far are exceeding the bank's expectations.
- A conference call is set for 9 ET.
Nov. 3, 2014, 11:06 AM
- 1st United Bancorp (NASDAQ:FUBC) owns 20 branches in southeast and central Florida.
- Valley National Bancorp's (VLY +1%) purchase was completed over the weekend and full systems integration is expected during Q1.
- Valley will issue about 30.7M shares of stock, with FUBC shareholders receiving 0.89 share of Valley for each share of 1st United they own.
Oct. 22, 2014, 4:49 PM
- Valley National Bancorp (NYSE:VLY) will close its acquisition of 1st United Bancorp (NASDAQ:FUBC) on November 1, with full integration of the two's systems to be completed in 2015 Q1.
- Previously: Valley National greenlighted for 1st United purchase
Oct. 20, 2014, 12:46 PM
- Valley National Bancorp (VLY +0.2%) has received regulatory and shareholder approvals for its purchase of 1st United Bancorp (FUBC +0.7%). FUBC owners will receive 0.89 share of VLY for each share of FUBC they own, subject to adjustment should Valley fall below $8.09 or rise above $12.13 prior to closing, which is expected in the near future.
- The purchase provides entree into Florida for the New York/New Jersey-based Valley National, and the combined company will have about $18B in assets and 224 branches.