Valley National Bancorp/State Bancorp, Inc.
On April 28, 2011, Valley National Bancorp (NYSE: VLY) and State Bancorp, Inc. (Nasdaq: STBC) reported entering into a merger agreement whereby the shareholders of State Bancorp will receive a fixed one for one exchange ratio for Valley National Bancorp common stock in a deal estimated at $222 million.
Following are selected terms and metrics associated with the transaction:
Following are selected terms and metrics associated with the transaction:
- Purchase price represents a fixed one for one exchange ratio, after adjusting for Valley's recently declared five percent stock dividend
- Total transaction value of approximately $222 million plus the redemption of $37 million in TARP preferred stock
- Tangible book value premium of 185 percent exclusive of purchase accounting adjustments
- 8.6 percent deposit premium
