RTTNews | Sep 23, 2021 07:10AM EDT

07:09 Thursday, September 23, 2021 (RTTNews.com) - Valley National Bancorp (VLY) and Bank Leumi Le-Israel Corporation have entered into a merger deal whereby Valley will acquire Bank Leumi Le-Israel, the US subsidiary of Bank Leumi Le-Israel B.M., and parent company of Bank Leumi USA. The shareholders of Leumi will receive 3.8025 shares of Valley common stock and $5.08 in cash for each share of Leumi. The deal is valued at an estimated $1.15 billion. Upon completion, Bank Leumi Le-Israel B.M. will own over 14% of Valley's stock.

As of June 30, 2021, Bank Leumi had total assets of $8.4 billion, total deposits of $7.1 billion, and gross loans of $5.4 billion.

Valley National anticipates the acquisition to be approximately 7% accretive to the company's 2023 earnings on a fully-phased in basis.

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