Valley National Bancorp (VLY) and 1st United Bancorp, Inc. (FUBC) announced the companies have entered into a merger agreement whereby the common shareholders of 1st United will receive 0.89 of a share of Valley common stock for each 1st United share they own, subject to adjustment in the event Valley's average stock price falls below $8.09 or rises above $12.13 prior to closing. The transaction is valued at an estimated $312 million.
1st United, and its wholly-owned subsidiary, 1st United Bank, with approximately $1.7 billion in assets, $1.2 billion in loans, and $1.4 billion in deposits, has a 21 branch network covering the urban banking markets in Florida.
The combined company is expected to have approximately $18.1 billion in assets, $12.9 billion in loans, $12.7 billion in deposits, 225 branches covering northern and central New Jersey, New York, and southeast and central Florida.
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