Printer Friendly

VALLEY NATIONAL BANCORP AND PEOPLES BANCORP SIGN DEFINITIVE MERGER AGREEMENT

 WAYNE, N.J., Jan. 8 /PRNewswire/ -- Gerald H. Lipkin, chairman and chief executive of Valley National Bancorp (NASDAQ: VNBP) and S. Thomas Aitken, chairman of Peoples Bancorp, Fairfield, N.J., today jointly announced the signing of a definitive merger agreement.
 As previously announced, under the terms of the merger agreement Peoples shareholders will receive approximately .625 shares of Valley stock for each share of Peoples common stock they own, subject to the receipt of a minimum $14.06 and maximum $16.56 worth of value in Valley stock. Peoples has approximately 660,000 common share equivalents outstanding.
 In commenting on the signing of the agreement Mr. Lipkin said, "We are now one step closer to adding another attractive community bank to Valley's growing branch system in Northern New Jersey. Peoples will make a great fit and we look forward to completing the transaction in a timely fashion." The $223 million asset Peoples Bancorp, headquartered in Fairfield, has six additional branches - three in Belleville, two in Bloomfield, and one in Caldwell.
 The merger will require the approval of both the Comptroller of the Currency and the Federal Reserve as well as Peoples shareholders.
 Valley National, with $3.1 billion assets, has added 26 branches through acquisitions since December 1990.
 Valley operates 53 branches in 33 communities in Bergen, Essex, Hudson, Morris and Passaic counties.
 -0- 1/8/93
 /CONTACT: Gerald H. Lipkin of Valley National Bancorp, 201-305-4001; or Edmund R. Belak, Jr., of Georgeson & Co., 212-440-9801, for Valley National Bancorp./
 (VNBP)


CO: Valley National Bancorp; Peoples Bancorp ST: New Jersey IN: FIN SU: TNM

LR-KW -- NY053 -- 3140 01/08/93 15:56 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 8, 1993
Words:272
Previous Article:ELECTROCOM RECEIVES POSTAL CONTRACT FOR DBCS STACKER UPGRADE MODULES
Next Article:BELL CANADA ANNOUNCES SWISS FRANC DEBT ISSUE
Topics:


Related Articles
VALLEY NATIONAL BANCORP AND PEOPLES BANCORP AGREE TO MERGE
VILLA RICA BANCORP AND FIRST NATIONAL BANCORP AGREE TO MERGE
COMMUNITY BANK AND FIRST NATIONAL BANCORP AGREE TO MERGE
VALLEY NATIONAL BANCORP COMPLETES MERGER WITH PEOPLES BANCORP
VALLEY NATIONAL BANCORP AND ROCK FINANCIAL CORP. SIGN DEFINITIVE MERGER AGREEMENT
VALLEY NATIONAL BANCORP AND AMERICAN UNION BANK ANNOUNCE INTENT TO MERGE
FF BANCORP, INC. AND FIRST NATIONAL BANCORP SIGN DEFINITIVE AGREEMENT
FF BANCORP, INC. AND FIRST NATIONAL BANCORP SIGN DEFINITIVE AGREEMENT
VALLEY NATIONAL BANCORP AND AMERICAN UNION BANK SIGN DEFINITIVE MERGER AGREEMENT
VALLEY NATIONAL BANCORP AND LAKELAND FIRST FINANCIAL GROUP SIGN DEFINITIVE MERGER AGREEMENT

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters