Valley National Bancorp Announces The Completion of Its Merger With the Westchester Bank Holding Corporation

Rhea-AI Summary

Valley National Bancorp (NASDAQ:VLY) has successfully completed its merger with The Westchester Bank Holding Corporation as of December 1, 2021. Valley will issue approximately 15.7 million shares of common stock, offering Westchester shareholders a conversion rate of 229.645 Valley shares for each Westchester share. The Westchester Bank, with about $1.3 billion in assets, is now merged under the Valley National Bank name, enhancing Valley's presence in Westchester County, New York. Full systems integration is anticipated to be finalized in Q1 2022.

Positive

• Acquisition expands Valley's market presence in Westchester County, New York.
• Westchester Bank adds approximately $1.3 billion in assets to Valley.
• The merger will enhance Valley's customer base and service offerings.

Negative

• Valley issuing 15.7 million shares may lead to shareholder dilution.

NEW YORK, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY) (“Valley”) announced that its merger with The Westchester Bank Holding Corporation (“Westchester”) was completed effective December 1, 2021.

Valley will issue approximately 15.7 million shares of common stock in the transaction. The common shareholders of Westchester will receive 229.645 shares of Valley common stock for each Westchester share that they own.

Effective December 1, 2021, Westchester’s wholly-owned subsidiary, The Westchester Bank, was merged into and under the name Valley National Bank. As of September 30, 2021, Westchester had approximately $1.3 billion in assets, $906 million in loans and $1.1 billion in deposits. The acquisition represents a significant addition to Valley's Westchester County, New York franchise. Full systems integration is expected to be completed in the first quarter of 2022.

About Valley
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with over $40 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations across New Jersey, New York, Florida and Alabama, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Care Center at 800-522-4100.

Contact: Michael Hagedorn, SEVP
Chief Financial Officer
973-872-4885

FAQ

What is the significance of Valley's merger with Westchester?

The merger enhances Valley's presence in Westchester County and adds significant assets to its portfolio.

When was the merger between Valley and Westchester completed?

The merger was completed on December 1, 2021.

How many shares will Valley issue for the merger?

Valley will issue approximately 15.7 million shares of common stock in the transaction.

What is the expected timeline for full systems integration post-merger?

Full systems integration is expected to be completed in the first quarter of 2022.

What assets did Westchester Bank bring to Valley?

Westchester had approximately $1.3 billion in assets, $906 million in loans, and $1.1 billion in deposits.