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VALLEY NATIONAL BANCORP

(VLY)
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Valley National to Buy Bank Leumi U.S. Unit in $1.15 Billion Deal

09/23/2021 | 07:15am EDT

By Colin Kellaher

Valley National Bancorp on Thursday said it agreed to buy the U.S. unit of Israel's Bank Leumi Le-Israel B.M. in a cash-and-stock deal valued at about $1.15 billion.

Valley, a New York bank holding company, said the deal will result in Bank Leumi owning a 14% stake in the combined company.

Valley said Bank Leumi's U.S. unit provides relationship banking for middle-market commercial clients and private banking services for high net-worth individuals, with total assets of $8.4 billion.

Valley said the acquisition, coupled with its pending deal to buy Westchester Bank, will bring its total assets to $51 billion.

Valley said it expects to complete the Bank Leumi transaction early next year.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

09-23-21 0714ET

Stocks mentioned in the article
ChangeLast1st jan.
BANK LEUMI LE- ISRAEL B.M. -0.14% 28.96 End-of-day quote.53.23%
VALLEY NATIONAL BANCORP -0.37% 13.62 Delayed Quote.39.69%
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Analyst Recommendations on VALLEY NATIONAL BANCORP
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Financials (USD)
Sales 2021 1 347 M - -
Net income 2021 468 M - -
Net Debt 2021 - - -
P/E ratio 2021 11,9x
Yield 2021 3,23%
Capitalization 5 538 M 5 538 M -
Capi. / Sales 2021 4,11x
Capi. / Sales 2022 4,01x
Nbr of Employees 3 155
Free-Float 97,1%
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Technical analysis trends VALLEY NATIONAL BANCORP
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Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 13,62 $
Average target price 15,28 $
Spread / Average Target 12,2%
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Managers and Directors
Ira D. Robbins Chairman, President & Chief Executive Officer
Michael D. Hagedorn Chief Financial Officer & Senior Executive VP
Andrew B. Abramson Lead Independent Director
Eric P. Edelstein Independent Director
Marc J. Lenner Independent Director
Sector and Competitors