Valley National to Buy Bank Leumi U.S. Unit in $1.15 Billion Deal
September 23 2021 - 7:29AM
Dow Jones News
By Colin Kellaher
Valley National Bancorp on Thursday said it agreed to buy the
U.S. unit of Israel's Bank Leumi Le-Israel B.M. in a cash-and-stock
deal valued at about $1.15 billion.
Valley, a New York bank holding company, said the deal will
result in Bank Leumi owning a 14% stake in the combined
company.
Valley said Bank Leumi's U.S. unit provides relationship banking
for middle-market commercial clients and private banking services
for high net-worth individuals, with total assets of $8.4
billion.
Valley said the acquisition, coupled with its pending deal to
buy Westchester Bank, will bring its total assets to $51
billion.
Valley said it expects to complete the Bank Leumi transaction
early next year.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 23, 2021 07:14 ET (11:14 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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