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