3 Firms Build $1.15B Valley National-Leumi Banking Merger

By Benjamin Horney (September 23, 2021, 10:35 AM EDT) -- Wachtell Lipton-led Valley National Bancorp will pay about $1.15 billion for the U.S. business of Israel-based Bank Leumi, advised by Davis Polk and Meitar, the companies said Thursday, in a transaction that will result in a single entity with roughly $49.4 billion of assets under management.

The merged business will be the 29th largest publicly traded U.S. bank by assets, according to a statement. As of June 30, Valley National boasted about $41 billion worth of assets under management, while Bank Leumi USA's assets under management stood at $8.4 billion. The U.S. Leumi business operates five commercial offices in New York,...

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