Valley National Bancorp closes merger with Greater Community Bancorp

Jul 02, 2008 (Datamonitor via COMTEX) -- VLY | Quote | Chart | News | PowerRating -- Valley National Bancorp, the holding company of Valley National Bank, has completed its merger with Greater Community Bancorp.

Valley will issue approximately 8.7 million shares of common stock and 918,000 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 0.99 of a share of Valley common stock and 0.11 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.

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.

Gerald Lipkin, chairman, president and CEO of Valley, said: "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.

"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."

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