STBC’s subsidiary commercial bank, State Bank of Long Island along with 16 branches located in Nassau, Suffolk, Queens and Manhattan, was merged into Valley National Bank.
As a part of merger, Valley will issue approximately 17m shares of common stock and the STBC shareholders will receive a fixed one-for-one exchange ratio for the common stock.
Valley chairman, president and CEO Gerald Lipkin said the expansion into Long Island market will provide additional lending, retail, and wealth management service opportunities to further strengthen their New York Metropolitan operations.
STBC director Jeffrey Wilks has been appointed to the board of directors for both Valley and Valley National Bank and the full systems integration is expected to complete in the first quarter of 2012.
