Market Overview

Valley National Bancorp Receives Regulatory and Shareholder Approval for the Acquisition of CNLBancshares, Inc.

Share:

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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/valley-national-bancorp-receives-regulatory-and-shareholder-approval-for-the-acquisition-of-cnlbancshares-inc-300165539.html

SOURCE Valley National Bancorp

View Comments and Join the Discussion!