For many businesses, one strategic way of expanding operations and grow profits is to merge with other businesses or even buy them outright. One bank headquartered in the northeast with some branches in Florida has been looking to expand its presence in the sunshine state. Recently that bank, Valley National Bancorp has announced that its board of directly voted unanimously to approve the acquisition of USAmeriBancorp Inc.
USAmeriBancorp Inc is headquartered in Clearwater, Florida and also has operations in Alabama. Once the merger is completed, Valley National will increase its branches from the current 209 across New Jersey, New York and Florida to 239 in those three states and Alabama as well. The deal is expected to be finalized sometime in the first three months of 2018.
The purchase, will is expected to be non-taxable, is noted to be Valley National's third acquisition in Florida in three years, making it clear that the company has its eyes on serving the Florida communities. People who currently hold stock in USAmeriBancorp are at this time expected to receive slightly more than six shares of Valley National stock in the transaction.
When considering a merger or acquisition as part of a strategic business growth plan, Florida executives may find it helpful to talk to an experienced business attorney who can guide them through the process and explain the potential benefits and the potential pitfalls to be aware of.
Source: NJHerald.com, "CHS sells Florida's Highlands Regional Medical Center to HCA as part of planned divestitures," Beth Jones Sandborn, July 24, 2017