Coffee Sipping Big Board Stocks

[EZ2]

VLY --- still holding ?
=================================


Valley National to Buy USAmeriBancorp for $816 Mln in Shares, Q2 EPS Meets View

MIDNIGHT TRADER 9:01 AM ET 7/26/2017
Symbol Last Price Change
VLY 11.84down -0.56 (-4.52%)
QUOTES AS OF 09:41:57 AM ET 07/26/2017
09:01 AM EDT, 07/26/2017 (MT Newswires) -- Valley National Bancorp(VLY) shares were lower 3% in pre-market trade, coming off an earlier trading halt, after the company said it is acquiring USAmeriBancorp for $816 million in shares to expand its Florida operations and to move into Alabama.

For the acquisition plan, Valley said USAB shareholders will receive 6.1 Valley shares for each USAB share they own, subject to adjustment in the event Valley's volume-weighted average stock price falls below $11.50 or rises above $13.00 prior to closing.

"This will be our third acquisition in Florida since 2014 and is consistent with our goal to expand our franchise in the high growth markets of Florida. USAB has a strong record of profitability and growth," CEO Gerald Lipkin said in a statement.

On Wednesday, the bank also reported Q2 earnings of $0.18 per share, up from $0.15 a year ago and in line with the average estimate from analysts polled by Capital IQ.

Revenues rose to $193.7 million from $175.7 million a year ago, ahead of the $191.1 million estimate.

Price: 12.00, Change: -0.40, Percent Change: -3.23

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

©http://www.mtnewswires.com Copyright © 2017 MT Newswires. All rights reserved.