Valley National Bancorp Announces The Completion of Its Merger With the Westchester Bank Holding Corporation
December 01 2021 - 8:30AM
Valley National Bancorp (NASDAQ:VLY) (“Valley”)
announced that its merger with The Westchester Bank Holding
Corporation (“Westchester”) was completed effective December 1,
2021.
Valley will issue approximately 15.7 million
shares of common stock in the transaction. The common shareholders
of Westchester will receive 229.645 shares of Valley common stock
for each Westchester share that they own.
Effective December 1, 2021, Westchester’s
wholly-owned subsidiary, The Westchester Bank, was merged into and
under the name Valley National Bank. As of September 30, 2021,
Westchester had approximately $1.3 billion in assets, $906 million
in loans and $1.1 billion in deposits. The acquisition represents a
significant addition to Valley's Westchester County, New York
franchise. Full systems integration is expected to be completed in
the first quarter of 2022.
About ValleyAs the principal
subsidiary of Valley National Bancorp, Valley National Bank is a
regional bank with over $40 billion in assets. Valley is committed
to giving people and businesses the power to succeed. Valley
operates many convenient branch locations across New Jersey, New
York, Florida and Alabama, and is committed to providing the most
convenient service, the latest innovations and an experienced and
knowledgeable team dedicated to meeting customer needs. Helping
communities grow and prosper is the heart of Valley’s corporate
citizenship philosophy. To learn more about Valley, go to
www.valley.com or call our Customer Care Center at
800-522-4100.
Contact: Michael Hagedorn,
SEVPChief Financial Officer 973-872-4885
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