Day Pitney is pleased to announce that it recently advised Valley National Bancorp (Valley) on its $816 million acquisition of USAmeriBancorp, Inc. (USAB). The merger of the two banks allows Valley National, which is located primarily in New York and New Jersey, to grow its Florida presence and expand into Alabama.
Upon completion of the merger with Clearwater, Florida-based USAB, Valley and its wholly-owned subsidiary, Valley National Bank, will have 230 branches throughout New Jersey, New York, Florida and Alabama and approximately $28 billion in assets, $21 billion in loans and $21 billion in deposits.
The merger marks Valley's third acquisition in Florida since 2014 and is consistent with the bank's goal of expanding in the high growth markets of Florida. In addition to the merger, Day Pitney also guided Valley in the commencement of a preferred stock offering of approximately $100 million.
"With Florida's economy growing, we are seeing an increase in client demand to expand and conduct business in the Sunshine State and it's that kind of growth that drove Day Pitney's expansion to Florida with two offices in 2015," said Michael Rave, who led the Day Pitney team on the Valley deals. "It is a pleasure to work with clients whose business strategy aligns with our own."
In addition to Rave, the Day Pitney team included by Tristan Schmidt, Richard Leu, Casey O'Connor, Antoinette Solomon, David Doyle, Stephen Ziobrowski, Andrew Wogman and Colleen Donovan.
More information on this matter can be found here.
On July 7, Michael Kaufman will participate as faculty on Strafford's 90-minute Q&A style webinar, "Contribution Agreements: Joint Liability and Rights of Contribution Under Loan Guaranties."
On February 20, Michael Rave and Michael Dunne spoke at FinXTech R.O.D.E., a conference presented by Autobooks, Bank Director and Microsoft and held at the Advanced Technology Development Center in Atlanta, GA.
On January 15, Brian Fischer spoke at "When Good Deals Go Bad – Pitfalls to Avoid During the Sale Process," an Exit Planning Exchange (XPX) program held at The Hartford Club in Hartford, CT.
October 24, 2019
Partners Edward Krzanowski, Tiana Gianopulos and Daniel Gottfried spoke at the 2019 Federal Tax Institute of New England, a CLE program presented by the Estates and Probate Section and the Tax Section of the Connecticut Bar Association and held in Portland, CT.
On January 27, Michael Rave will be speaking on "Public & Private Capital Raising: How To Fund Your Bank for Growth and/or Change" at Bank Director's annual conference, Acquire or Be Acquired, in Phoenix, AZ.
Patricia "Paty" Jimenez has been elected President of the Connecticut Hispanic Bar Association (CHBA).
Lane Watson was featured in the Connecticut Law Tribune article "Goodbye Law Firm Retreats: New Executive Order Allows For Remote Annual Meetings During COVID-19 Crisis."
Hedge Fund Law Report covered Erik Bergman's move to Day Pitney's Stamford office in an article posted March 12.
Day Pitney LLP represented Pula Capital Management LP (Pula), a newly formed investment manager based in Virginia, in connection with (i) the acquisition of a minority ownership interest in Pula by Felton Group, LLC (Felton Group), and (ii) an investment by Felton Group in Pula Capital Fund, LP, a newly formed fund managed by Pula that intends to employ novel mathematical techniques and a proprietary, systematic predictive model to trade a diversified long-short portfolio of liquid U.S. equities.
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