WAYNE, N.J., Dec. 30, 2011 /PRNewswire/ -- Valley
National Bancorp (NYSE: VLY) ("Valley"), the holding company of
Valley National Bank, announced that the Certificates of Merger
have been filed with the States of New
York and New Jersey
relating to its merger with State Bancorp, Inc.
(Nasdaq:STBC). The merger will be effective January 1, 2012.
Valley will issue approximately 17 million shares of common
stock in the transaction. The shareholders of State Bancorp will
receive a fixed one-for-one exchange ratio for Valley common
stock.
"We are very excited about the benefits that are expected from
integrating the two companies. Our expansion into this attractive
area of the Long Island market should provide many additional
lending, retail, and wealth management service opportunities to
further strengthen our New York
Metropolitan operations," said Gerald H.
Lipkin, Chairman, President & CEO of Valley. Mr.
Lipkin added, "The merger provides us the uniquely qualified staff
of State Bancorp, with the knowledge and experience to serve the
local customer needs, combined with Valley's strong resources and
extensive line of services and products to be successful in this
very competitive marketplace. We expect these synergies will
provide the invaluable services that today's customers demand,
while expanding the recognition of the Valley brand, and ultimately
benefiting our shareholders."
In conjunction with the merger, Mr. Jeffrey S. Wilks was appointed to the board of
directors for both Valley and Valley National Bank. Mr. Wilks
is a Principal and Executive Vice President of Spiegel Associates,
a private real estate ownership and development company, and is a
former Associate Director of Sandler O'Neill, an investment bank
specializing in the banking industry. Mr. Wilks served as a
director of State Bancorp since 2001.
State Bank of Long Island,
State Bancorp's subsidiary commercial bank with 16 branches located
in Nassau, Suffolk, Queens and Manhattan, was merged into Valley National
Bank. Full systems integration is expected to be completed during
the first quarter of 2012 and is anticipated to be a relatively
seamless transition for all customers.
About Valley
Valley is a regional bank holding company headquartered in
Wayne, New Jersey with nearly
$16 billion in assets after the
acquisition of State Bancorp. Its principal subsidiary, Valley
National Bank, currently operates 211 branches in 147 communities
serving 16 counties throughout northern and central New Jersey, Manhattan and Long
Island. 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 Customer Service 24/7 at
800-522-4100.
This press release 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 new and existing programs and
products, acquisitions, relationships, opportunities, taxation,
technology, market conditions and economic expectations. These
statements may be identified by such forward-looking terminology as
"should," "expect," "believe," "view," "opportunity," "allow,"
"continues," "reflects," "typically," "usually," "anticipate," or
similar statements or variations of such terms. Such
forward-looking statements involve certain risks and uncertainties
and our actual results may differ materially from such
forward-looking statements. Factors that may cause actual results
to differ materially from those contemplated by such
forward-looking statements in addition to those risk factors
disclosed in Valley's Annual Report on Form 10-K for the year ended
December 31, 2010 and Quarterly
Report on Form 10-Q for the nine months ended September 30, 2011 include, but are not limited
to:a severe decline in the general economic conditions of
Long Island, New York; the inability to realize expected
cost savings and revenue synergies from the merger of State Bancorp
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; and
the inability to retain State Bancorp's customers and
employees.
We assume no obligation to update or revise such forward-looking
statements even if experience or changes in our expectations at any
time show that the expected results will not be realized.
SOURCE Valley National Bancorp