WAYNE, N.J., Nov. 3, 2014 /PRNewswire/ -- Valley National
Bancorp (NYSE: VLY) ("Valley"), the holding company of Valley
National Bank, announced that its merger with 1st United Bancorp,
Inc. ("1st United") (Nasdaq: FUBC) was completed effective
November 1, 2014.
Valley will issue approximately 30.7 million shares of common
stock in the transaction. The common shareholders of 1st United
will receive 0.89 of a share of Valley common stock for each 1st
United share they own.
"We are extremely excited about our expansion into Florida, one of the best growth markets in
the United States," said
Gerald H. Lipkin, Chairman,
President & CEO of Valley. Mr. Lipkin added,
"With this acquisition, we add a solid institution located in some
of the most attractive areas of Florida that should provide us the necessary
foundation for the initial introduction of the Valley brand and for
future growth opportunities in the region. More importantly,
we will be joined by 1st United's highly qualified banking team
with the knowledge and experience to serve the local customer
needs. We believe the combined size and synergies of the two
companies will make us uniquely positioned to take full advantage
of Valley's wide-range of financial services and products within
this new high growth market, and complement our continuous efforts
to expand the Valley brand throughout our New Jersey and New
York footprint."
1st United Bank, 1st United's principal subsidiary 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, was merged into Valley
National Bank. Full systems integration is expected to be completed
during the first quarter of 2015.
About Valley
Valley National Bancorp is a regional bank holding company
headquartered in Wayne, New Jersey
with over $18 billion in assets. Its
principal subsidiary, Valley National Bank, currently operates 224
branch locations serving 24 counties throughout northern and
central New Jersey, the
New York City boroughs of
Manhattan, Brooklyn, Queens and Long
Island, and southeast and central Florida. 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.
Forward Looking Statements
The foregoing contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of
1995. 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, acquisitions, relationships, opportunities, taxation,
technology, market conditions and economic expectations. These
statements may be identified by such forward-looking terminology as
"should," "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
materially from those contemplated by such forward-looking
statements include, but are not limited to:
- a severe decline in the general economic conditions of
New Jersey, New York Metropolitan area and Florida;
- unexpected changes in market interest rates for interest
earning assets and/or interest bearing liabilities;
- less than expected cost savings from long-term borrowings that
mature from 2015 to 2017;
- government intervention in the U.S. financial system and the
effects of and changes in trade and monetary and fiscal policies
and laws, including the interest rate policies of the Federal
Reserve;
- claims and litigation pertaining to fiduciary responsibility,
contractual issues, environmental laws and other matters;
- our inability to pay dividends at current levels, or at all,
because of inadequate future earnings, regulatory restrictions or
limitations, and changes in the composition of qualifying
regulatory capital and minimum capital requirements (including
those resulting from the U.S. implementation of Basel III
requirements);
- higher than expected loan losses within one or more segments of
our loan portfolio;
- declines in value in our investment portfolio, including
additional other-than-temporary impairment charges on our
investment securities;
- unexpected significant declines in the loan portfolio due to
the lack of economic expansion, increased competition, large
prepayments or other factors;
- unanticipated credit deterioration in our loan portfolio;
- unanticipated loan delinquencies, loss of collateral, decreased
service revenues, and other potential negative effects on our
business caused by severe weather or other external events;
- higher than expected tax rates, including increases resulting
from changes in tax laws, regulations and case law;
- an unexpected decline in real estate values within our market
areas;
- higher than expected FDIC insurance assessments;
- the failure of other financial institutions with whom we have
trading, clearing, counterparty and other financial
relationships;
- lack of liquidity to fund our various cash obligations;
- unanticipated reduction in our deposit base;
- potential acquisitions that may disrupt our business;
- legislative and regulatory actions (including the impact of the
Dodd-Frank Wall Street Reform and Consumer Protection Act and
related regulations) subject us to additional regulatory oversight
which may result in higher compliance costs and/or require us to
change our business model;
- changes in accounting policies or accounting standards;
- our inability to promptly adapt to technological changes;
- our internal controls and procedures may not be adequate to
prevent losses;
- the inability to realize expected revenue synergies from the
1st United merger in the amounts or in the timeframe
anticipated;
- costs or difficulties relating to the 1st United integration
matters might be greater than expected;
- inability to retain customers and employees, including those of
1st United;
- lower than expected cash flows from purchased credit-impaired
loans;
- cyber attacks, computer viruses or other malware that may
breach the security of our websites or other systems to obtain
unauthorized access to confidential information, destroy data,
disable or degrade service, or sabotage our systems; and
- other unexpected material adverse changes in our operations or
earnings.
A detailed discussion of factors that could affect our results
is included in our SEC filings, including the "Risk Factors"
section of our Annual Report on Form 10-K for the year ended
December 31, 2013.
We undertake no duty to update any forward-looking statement to
conform the statement to actual results or changes in our
expectations. Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we
cannot guarantee future results, levels of activity, performance or
achievements.
SOURCE Valley National Bancorp