VALLEY NATIONAL BANCORP (VLY) Form 424B3 — Nov 2, 2026
Valley National Bancorp filed a 424B3 proxy statement/prospectus for its proposed merger with Providence Financial Corporation, a $1.6 billion-asset Illinois bank holding company. Each Providence share will convert into $21.47 in cash plus 4.3854 Valley shares, an implied value of about $83.08 per share based on VLY's October 26, 2026 close of $14.05. Valley expects to issue roughly 12,991,716 shares and pay about $63.6 million in cash, leaving former Providence holders with approximately 2.3% of the combined company.
Key figures
- Total Assets
- 66300000000
- Cash Position
- 0
- Deal Value Usd
- approximately $296 million aggregate (12,991,716 Valley shares at ~$14.05 plus $63,604,722 cash)
- Gross Proceeds
- 0
- Offering Price
- 14.05
- Shares Offered
- 12991716
- Shares Outstanding
- 2820825
- Exchange ratio
- 4.3854
- Expected close
- early 2027
- Termination fee
- $11,115,000
- Valley total assets
- $66.3 billion
- Special meeting date
- December 14, 2026
- Valley total deposits
- $54.1 billion
- Valley total net loans
- $51.9 billion
- Voting agreement stake
- 18.9%
- Providence total assets
- $1.6 billion
- Providence total deposits
- $1.3 billion
- Providence total net loans
- $1.1 billion
- Valley shareholders equity
- $7.9 billion
- Valley dividend per quarter
- $0.11
- Providence shareholders equity
- $194.9 million
- Pro forma valley holder ownership
- 97.7%
- Implied value per providence share
- $83.08 (as of October 26, 2026)
- Cash merger consideration per share
- $21.47
- Pro forma providence holder ownership
- 2.3%
AI analysis
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