Valley National Bancorp to Acquire Greater Community Bancorp
Parties:
>Valley is a regional bank holding company with over $12.7 billion in assets. Its principal subsidiary, Valley National Bank, currently operates 176 branches in 114 communities serving 13 counties throughout northern and central New Jersey and Manhattan, Brooklyn and Queens.(http://www.valleynationalbank.com)
>Greater Community is a financial holding company headquartered in Totowa, New Jersey. Greater Community operates 16 full-service branches in the northern New Jersey counties of Bergen, Passaic and Morris through its state- chartered commercial bank subsidiary Greater Community Bank. (http://www.greatercommunity.com/)
Under the terms of the merger agreement, Valley will issue 0.95 shares of its common stock for each outstanding common share of Greater Community. In addition, for each ten shares of Greater Community held, Valley will issue one warrant to buy one share of Valley common stock at a price equal to $2.00 above Valley's average closing stock price for a period of time prior to closing, as specified in the merger agreement
