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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.
