WAYNE, N.J., Oct. 20, 2014
/PRNewswire/ -- Valley National Bancorp (NYSE: VLY) ("Valley")
and 1st United Bancorp, Inc. ("1st United") (Nasdaq: FUBC) jointly
announced today that all regulatory and shareholder approvals
necessary to complete the previously announced merger of 1st United
with and into Valley have been received. The common
shareholders of 1st United will receive 0.89 of a share of Valley
common stock for each 1st United share they own, subject to
adjustment in the event Valley's average stock price falls below
$8.09 or rises above $12.13 prior to closing. The transaction closing
is anticipated in the near future.
1st United's wholly-owned subsidiary, 1st United Bank, has
approximately $1.7 billion in assets,
$1.2 billion in loans, and
$1.4 billion in deposits, with a 20
branch network covering the most attractive urban banking markets
in Florida, including locations
throughout southeast Florida, the
Treasure Coast, central Florida
and central Gulf Coast regions. This expansion opportunity will
provide an entree for Valley into Florida's high growth market, beyond its
traditional Northeastern regional footprint. 1st United's
experienced management team will join Valley to lead its continued
expansion efforts in Florida, and
complement Valley's growth initiatives in the New Jersey and New
York Metropolitan markets.
The combined company is expected to have approximately
$18 billion in assets and 224
branches covering northern and central New Jersey, New
York (including Manhattan,
Brooklyn, Queens and Long
Island), and southeast and central Florida.
About Valley
Valley National Bancorp is a regional bank holding company
headquartered in Wayne, New Jersey
with over $16 billion in assets. Its
principal subsidiary, Valley National Bank, currently operates 204
branches in 144 communities serving 16 counties throughout northern
and central New Jersey,
Manhattan, Brooklyn, Queens and Long
Island. Valley National Bank is one of the largest
commercial banks headquartered in New
Jersey and is committed to providing the most convenient
service, the latest in product innovations and an experienced and
knowledgeable staff with a high priority on friendly customer
service 24 hours a day, 7 days a week. For more information about
Valley National Bank and its products and services, please visit
www.valleynationalbank.com or call our 24/7 Customer Service Center
at 800-522-4100.
About 1st United
1st United is a $1.7 billion
financial holding company headquartered in Boca Raton, Florida. 1st United's principal
subsidiary, 1st United Bank, is a Florida chartered commercial bank, which
operates 20 branches in southeast and central Florida, including Brevard, Broward, Hillsborough, Indian
River, Miami-Dade,
Orange, Palm Beach, and Pinellas Counties. 1st United Bank, which has
grown both through organic growth and opportunistic acquisitions,
has carved out a special niche in the Florida marketplace by listening to the needs
of its customers and community businesses and focused on
relationship building with customers, investors and business
leaders. 1st United's principal executive office and mailing
address is One North Federal Highway, Boca Raton, FL 33432 and its telephone number
is (561) 362-3431. 1st United's stock is listed on the NASDAQ
Global Select Market under the symbol "FUBC". 1st United
maintains a website at www.1stunitedbankfl.com with corporate,
investor and branch banking information.
Forward Looking Statements
The 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 proposed business
combination ("Merger") between Valley and 1st United. 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 "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. Factors that may cause actual
results to differ from those contemplated by such forward-looking
statements include, but are not limited to, the following: failure
to satisfy certain conditions to the merger on the proposed terms
and within the proposed timeframe including, without limitation;
delays in closing the Merger; reaction to the Merger of 1st
United's customers and employees; the diversion of management's
time on issues relating to the Merger; the inability to realize
expected cost savings and synergies from the Merger of 1st United
with Valley in the amounts or in the timeframe anticipated; changes
in the estimate of non-recurring charges; costs or difficulties
relating to integration matters might be greater than expected;
changes in the stock price of Valley from the date of the merger
announcement to the closing date; material adverse changes in
Valley's or 1st United's operations or earnings; the inability to
retain 1st United's customers and employees; or a decline in the
economy, mainly in New Jersey,
New York and Florida, as well as the risk factors set forth
in Valley's Annual Report on Form 10-K for the year ended
December 31, 2013 and 1st United's
Annual Report on Form 10-K for the year ended December 31, 2013. Neither Valley nor 1st
United assumes any obligation for updating any such forward-looking
statement at any time.
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SOURCE Valley National Bank