Valley National Makes Second Deal in Florida With Acquisition of CNLBancshares
The deal is expected to close in the fourth quarter of this year.
NEW YORK ( TheDeal) -- Valley National Bancorp (VLY) - Get Report the Wayne, N.J.-based bank holding company said Wednesday it would acquire Orlando, Fla.-based CNLBancshares (CNLB) in a deal valued at $207 million.
The transaction is priced at 155% of CNL Bancshares' tangible book value, the announcement said. The target bank shareholders will receive 0.75 of a share of Valley National common stock for each CNLBancshares share owned, which is subject to adjustment if Valley's average stock price trades below $8.80 or above $10.13 before closing.
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