The acquisition of State Bancorp, with $1.6bn in assets, $1.1bn in loans, and $1.3bn in deposits, covering four New York counties, has a 17 branch network and will provide an entry into Long Island for Valley National Bancorp.
The combined bank is expected to have approximately $16bn in assets, over $10.5bn in loans, $11bn in deposits, 215 branches covering 16 counties from northern and central New Jersey to central Long Island, including Manhattan, Brooklyn and Queens.
Under the terms of the agreement, each State Bancorp stockholder will receive one share of Valley National Bancorp common stock.
Valley chairman, president and CEO Gerald Lipkin said with this merger, the bank will add another attractive and well-positioned institution with tremendous potential in a region with very strong demographics.
The transaction is subject to regulatory approval and other customary conditions and is expected to close early in the fourth quarter of this year.
