Valley National Bancorp Receives Shareholder Approval in connection with the Acquisition of Bank Leumi USA
January 14 2022 - 7:30AM
Valley National Bancorp (NASDAQ:VLY) (“Valley”)
announced today its shareholders approved the issuance of Valley
common stock in connection with the previously announced
acquisition of Bank Leumi Le-Israel Corporation, the US subsidiary
of Bank Leumi Le-Israel B.M., and parent company of Bank Leumi USA.
Over 98% of shares voted at the Special Meeting of Shareholders
were voted in favor of the share issuance proposal.
Valley had previously announced receipt of
regulatory approval from the Federal Reserve Bank of New York and
the Office of the Comptroller of the Currency. The acquisition
remains subject to certain additional regulatory approvals,
including by the New York State Department of Financial Services
and the Bank of Israel, as well as other customary closing
conditions.
About ValleyAs the principal
subsidiary of Valley National Bancorp, Valley National Bank is a
regional bank with over $41 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.
About Bank Leumi USABank Leumi
Le-Israel Corporation is the U.S.-based holding company for Bank
Leumi USA, a New York state chartered bank offering a full range of
commercial loan and deposit products. Leumi has over 60 years of
experience in the U.S. commercial banking industry and currently
operates commercial offices in New York City, Chicago, Los Angeles,
Palo Alto, and Aventura (FL). To learn more about Leumi, go to
www.leumiusa.com.
Forward Looking StatementsThe
foregoing contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including but
not limited to those regarding the Transaction and the issuance of
shares of Valley common stock as consideration in the Transaction.
Such statements are not historical facts and include expressions
about management’s confidence and strategies and management’s
expectations about new and existing programs and products,
relationships, opportunities, taxation, technology and market
conditions. These statements may be identified by such
forward-looking terminology as “will,” “estimate,” “expect,”
“believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,”
“typically,” “usually,” “anticipate,” or similar statements or
variations of such terms. Such forward-looking statements involve
certain risks and uncertainties. Actual results may differ
materially from such forward-looking statements. In addition to
factors previously disclosed in Valley’s reports filed with the SEC
and those identified elsewhere in this press release, factors that
may cause actual results to differ from those contemplated by such
forward-looking statements include, but are not limited to, the
following: the possibility that the Transaction does not close when
expected or at all because regulatory or other approvals or other
conditions to the closing of the Transaction are not received or
satisfied on a timely basis or at all (and the risk that such
approvals may result in the imposition of conditions that could
adversely affect Valley or the expected benefits of the
Transaction); the inability to realize expected cost savings and
synergies from the Transaction in amounts or in the timeframe
anticipated, including as a result of changes in, or problems
arising from, general economic and market conditions, interest and
exchange rates, monetary policy, laws and regulations and their
enforcement, and the degree of competition in the geographic and
business areas in which Valley and Leumi operate; changes in the
estimates of non-recurring charges; the diversion of
management’s attention and time from ongoing business operations
and opportunities on issues relating to the Transaction; the
possibility that costs or difficulties relating to Leumi
integration matters might be greater than expected, including as a
result of unexpected factors or events; changes in the stock price
of Valley from the date of the acquisition announcement to the
closing date; material adverse changes in Valley’s or Leumi’s
operations or earnings; the inability to retain customers and
qualified employees of Leumi; higher- or lower-than-expected income
tax expense or tax rates, including increases or decreases
resulting from changes in uncertain tax position liabilities, tax
laws, regulations and case law; weakness or a decline in the U.S.
economy, in particular in New Jersey, the New York Metropolitan
area (including Long Island), Florida, California or the Chicago
metropolitan area; an unexpected decline in commercial real estate
values within Valley’s or Leumi’s market areas, reputational risk
and potential adverse reactions of Valley’s or Leumi’s customers,
employees or other business partners, including those resulting
from the announcement or completion of the Transaction; the outcome
of any legal proceedings that have been or may be instituted
against Valley or Leumi; and the impact of the
global COVID-19 pandemic on Valley’s or Leumi’s
businesses, the ability to complete the Transaction or any of the
other foregoing risks. Further information regarding Valley and
factors which could affect the forward-looking statements contained
herein are set forth in Valley’s Annual Report on
Form 10-K for the year ended December 31, 2020, its
Quarterly Reports on Form 10-Q for the three-month
periods ended March 31, 2021, June 30, 2021 and September
30, 2021, and its other filings with the SEC. Valley assumes no
obligation for updating any such forward-looking statement at any
time.
Contact:Michael Hagedorn, SEVPChief Financial
Officer 973-872-4885
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