WAYNE, N.J., May 27 /PRNewswire-FirstCall/ -- Valley National Bancorp
(NYSE: VLY) ("Valley"), the holding company of Valley National Bank,
announced today that it has received all regulatory approvals necessary to
complete the previously announced acquisition of Greater Community Bancorp
("Greater Community"). The shareholder meeting of Greater Community to
approve the merger transaction is scheduled for June 19, 2008.
Valley expects that the merger between Valley and Greater Community
will be completed during the first week of July 2008.
Greater Community is the holding company for Greater Community Bank, a
commercial bank with approximately $1.0 billion in assets and 16
full-service branches in the northern New Jersey counties of Bergen,
Passaic and Morris. Pursuant to the merger agreement, Greater Community
Bank will be merged with and into Valley National Bank.
Valley National Bancorp is a regional bank holding company with
approximately $13 billion in assets, headquartered in Wayne, New Jersey.
Its principal subsidiary, Valley National Bank, currently operates 176
offices in 115 communities serving 14 counties throughout northern and
central New Jersey, Manhattan, Brooklyn and Queens.
Cautionary Statement Concerning Forward-Looking Statements
The foregoing contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements are
not historical facts and include expressions about management's confidence
and strategies and management's expectations about acquisitions,
relationships and opportunities. These statements may be identified by such
forward-looking terminology as "expect" or similar statements or
variations. Such forward-looking statements involve certain risks and
uncertainties. Actual results may differ materially from such
forward-looking statements. Valley assumes no obligation for updating any
such forward-looking statement at any time. Factors that may cause actual
results to differ materially from those contemplated by such
forward-looking statements include, but are not limited to, failure to
obtain shareholder approval for the merger of Greater Community with Valley
or to satisfy other conditions to the merger on the proposed terms and
within the proposed timeframe and material adverse changes in Valley's or
Greater Community's operations or earnings.
SOURCE Valley National Bancorp
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Related links:
http://www.valleynationalbank.com
http://www.prnewswire.com/comp/141340.html /
CONTACT:
Dianne M. Grenz, First Senior Vice President,
Director of Public & Shareholder Relations of Valley National
Bancorp, +1-973-305-4005
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