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Valley National Bancorp Acquiring Bank Leumi USA for $1.1B
Valley National Bancorp, headquarter in Wayne, NJ, will acquire Leumi, the U.S. subsidiary of Bank Leumi Le-Israel B.M., and parent company of Bank Leumi USA, in a deal valued at $1.1 billion. The pro forma company will be the 29th largest publicly traded U.S. bank by assets.
“Bank Leumi’s unique deposit verticals, including the technology and venture capital business, will continue the significant funding improvement that we have driven over the last few years,”” said Ira Robbins, Valley’s chairman, president & CEO. “On the lending side, Bank Leumi will add diversification into niche C&I segments and new geographies including in California and Illinois.”
He continued, “We are also eager to scale Bank Leumi’s private banking platform across Valley’s larger customer base and footprint. Leveraging these new and distinct platforms and skillsets will represent the next exciting phase of our evolution as a premier full-service commercial bank.”
- ◦Sale/Acquisition
