WAYNE, N.J., July 1 /PRNewswire-FirstCall/ -- Valley National Bancorp
(NYSE: VLY) ("Valley"), the holding company of Valley National Bank,
announced that its merger with Greater Community Bancorp (Nasdaq: GFLS)
("Greater Community") was completed today.
Valley will issue approximately 8.7 million shares of common stock and
918 thousand warrants to purchase Valley common stock in the transaction.
Each share of Greater Community common stock outstanding as of the merger
date was converted into the right to receive 0.9975 of a share of Valley
common stock and 0.105 of a warrant to purchase Valley common stock at
$19.01 per share. The warrants are exercisable beginning July 1, 2010 and
expire on June 30, 2015. Cash will be paid in lieu of fractional shares of
both Valley common stock and warrants.
"We are looking forward to the benefits that are expected from
integrating the two companies. The merger provides additional strengths to
several aspects of our bank operations, including commercial, leasing, and
retail operations," said Gerald H. Lipkin, Chairman, President & CEO of
Valley.
"The combined organization will benefit from the anticipated better
than normal cost saves through this in-market transaction and greater
geographic coverage in the very competitive markets located within the
northern New Jersey counties of Bergen, Passaic and Morris. In addition,
the merger provides more resources to continue the expansion of the Valley
brand and services which we expect will benefit our customer needs, and
ultimately our shareholders," Lipkin added.
Greater Community Bank, Greater Community's subsidiary commercial bank
with 16 full-service branches, was merged into Valley National Bank. Full
systems integration is expected to be completed by the middle of the third
quarter of 2008 and is anticipated to be a relatively seamless transition
for all customers.
As a result of the merger, Valley, a regional bank holding company
headquartered in Wayne, New Jersey, now has consolidated assets of nearly
$14.0 billion and operates 193 branches in 131 communities serving 14
counties located in northern and central New Jersey, Manhattan, Brooklyn
and Queens through its principal subsidiary, Valley National Bank.
For more information about Valley National Bank and its products and
services, please visit http://www.valleynationalbank.com or call Customer Service
24/7 at 1-800-522-4100.
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, the following:
the inability to realize expected cost savings and synergies from the
merger of Greater Community with Valley in the amounts or in the timeframe
anticipated; changes in the estimate of non-recurring charges; costs or
difficulties relating to integration matters might be greater than
expected; material adverse changes in Valley's operations or earnings; the
inability to retain Greater Community's customers and employees; or a
decline in the economy in Valley's primary market areas, mainly in New
Jersey and New York.
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 Marketing, Public & Shareholder Relations, Valley
National Bancorp, +1-973-305-4005
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