Valley National Bancorp to acquire Bank Leumi USA from Bank Leumi Le-Israel for $1.15bn.

Valley National Bancorp, a regional bank with approximately $41bn in assets, agreed to acquire Bank Leumi USA, the US subisdiary of Bank Leumi Le-Israel, an Israeli bank, for $1.15bn. "We are extremely excited about the combination with Bank Leumi and the diverse growth opportunities that we expect the partnership will bring. Bank Leumi’s unique deposit verticals, including the technology and venture capital business, will continue the significant funding improvement that we have driven over the last few years. On the lending side, Bank Leumi will add diversification into niche C&I segments and new geographies including in California and Illinois. We are also eager to scale Bank Leumi’s private banking platform across Valley’s larger customer base and footprint. Leveraging these new and distinct platforms and skillsets will represent the next exciting phase of our evolution as a premier full-service commercial bank," Ira Robbins, Valley Chairman, President and CEO. On March 7, 2022, Valley National Bancorp receives final regulatory approvals.