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Valley National buying USAmeriBancorp

Published 07/26/2017, 08:35 AM
© Reuters.  Valley National buying USAmeriBancorp
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  • The NJ-based lender expands its Florida footprint and moves into Alabama with an agreement to buy Clearwater-based USAmeriBancorp (OTCPK:USAB) in an all-stock deal valued at $816M.
  • USAB owners will receive 6.1 shares of Valley National (NYSE:VLY) common stock for each share of USAB they hold, subject to adjustment should VLY fall below $11.50 or rise above $13 prior to closing.
  • It will be Valley's third Florida acquisition since 2014.
  • Alongside the announcement, Valley is raising about $75M through a preferred stock offering. Including this offering, the purchase is expected to be accretive to EPS within 12 months of closing.
  • Source: Press Release


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