Valley National Bank is making its second major acquisition in the last three months, this time agreeing to acquire Bank Leumi USA for $1.15 billion.
Leumi’s shareholders will receive 3.8 shares of Valley National stock and $5.08 for every share they have, according to Bloomberg. Bank Leumi Le-Israel BM, the parent company of the U.S. banking side of the business, will own more than 14 percent of Valley National commons stock.
Valley National will be able to take advantage of Bank Leumi USA’s offerings for wealthy and middle-market commercial clients. The consolidation follows a June purchase by Valley National of Westchester Banking Holding Corp. for $210 million.
Prior to the sale, Bank Leumi USA possessed $8.4 billion total assets, $7.1 billion in total deposits and…