Valley National Bancorp Accelerates Growth in Attractive Chicago Market With Acquisition of High-Performing Providence Financial Corporation
Valley National Bancorp announced the acquisition of Providence Financial Corporation for approximately $247 million in an all-stock and cash deal. Providence, a high-performing commercial bank with $1.6 billion in assets and 14 branches in the Chicagoland area, will complement Valley's existing commercial presence and provide retail and small business growth opportunities. The transaction is expected to close in early 2027 and be approximately 2% accretive to Valley's earnings with less than 1% dilutive impact to tangible book value.