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 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.
Brian Fischer spoke on "Defining Success from a Legal Perspective – How to Best Structure the Transaction to Meet the Owner's Objectives while Providing Significant Legal Protection," at an Exit Planning Exchange (XPX) Hartford program.
Michael Rave will be speaking at Acquire or Be Acquired, an annual conference presented by Bank Director magazine being held in Phoenix from January 28 – 30.
On January 19, Michael Rave will be speaking at the Economic Leadership Forum, presented by the New Jersey Bankers Association.
Stephen Ziobrowski and Andrew Wogman authored the article "Challenges of Selling an S Corporation," which was published by Law360.
Gary Betensky and Michael Napoleone were featured in a profile, "Day Pitney LLP: Firm Expands to Better Serve South Florida Clients," published in the March issue of The Boca Raton Observer magazine.
Mike Rave was quoted in an analysis article, "Reg Rollbacks Seen As Bit Player In $28B BB&T-SunTrust Deal," published by Law360.
Jed Davis was quoted in an article, "Marriott Hack Shows Risks Of Lax Cyber Diligence In Mergers," published by Law360.
Day Pitney Press Release
Day Pitney Press Release