WAYNE, N.J., Oct. 23, 2015 /PRNewswire/ -- Valley
National Bancorp (NYSE:VLY) ("Valley") and CNLBancshares, Inc.
("CNLBancshares") (OTC Pink: CNLB) jointly announced today that all
regulatory and shareholder approvals necessary to complete the
previously announced merger of CNLBancshares with and into Valley
have been received. The common shareholders of CNLBancshares will
receive 0.75 of a share of Valley common stock for each
CNLBancshares share they own, subject to adjustment in the event
Valley's average stock price falls below $8.80 or rises above $10.13 prior to closing. The transaction closing
is anticipated in December 2015.
CNLBancshares' wholly-owned subsidiary, CNLBank, headquartered
in Orlando, Florida, has
approximately $1.4 billion in assets,
$843 million in loans, and
$1.1 billion in deposits, with a 16
branch network. The acquisition supports the continued execution of
Valley's Florida growth strategy,
expanding the franchise into two new markets and strengthening two
of Valley's legacy Florida
markets, producing an initial total branch network of 36
offices.
The combined company is expected to have more than $20 billion in assets and 227 branches operating
in northern and central New
Jersey, New York (including
Manhattan, Brooklyn, Queens and Long
Island), and northeast, central and south Florida.
About Valley
Valley National Bancorp is a regional
bank holding company headquartered in Wayne, New Jersey with over $19 billion in assets. Its principal subsidiary,
Valley National Bank, currently operates 217 branch locations
serving 24 counties throughout northern and central New Jersey, the New
York City boroughs of Manhattan, Brooklyn, Queens and Long
Island and 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.
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SOURCE Valley National Bancorp