Valley National, 1st United Gets Regulatory, Shareholder Approval For Merger

(RTTNews) - Valley National Bancorp (VLY) and 1st United Bancorp, Inc. (FUBC) said Monday that all regulatory and shareholder approvals necessary to complete the previously announced merger of 1st United with and into Valley have been received.

The common shareholders of 1st United will receive 0.89 of a share of Valley common stock for each 1st United share they own, subject to adjustment in the event Valley's average stock price falls below $8.09 or rises above $12.13 prior to closing.

The deal, originally announced in May, is expected to close in the near future.

The combined company is expected to have about $18 billion in assets and 224 branches covering northern and central New Jersey, New York, including Manhattan, Brooklyn, Queens and Long Island, and southeast and central Florida.