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.
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(END) Dow Jones Newswires