Valley National Bancorp, Greater Community Bancorp combine

By Lisa Kerner

Charlotte, N.C., July 1 - Valley National Bancorp and Greater Community Bancorp completed their merger as planned on July 1.

As a result, Valley National will issue approximately 8.7 million shares of common stock and 918,000 warrants to purchase Valley National common stock in the transaction, a company news release said.

Each share of Greater Community common stock outstanding as of the merger date was converted into the right to receive 0.9975 of a share of Valley National common stock and 0.105 of a warrant to purchase Valley National common stock at $19.01 per share.

Valley National noted the warrants are exercisable beginning July 1, 2010 and expire on June 30, 2015. Cash will be paid in lieu of fractional shares of both Valley National common stock and warrants.

Greater Community Bank, Greater Community's subsidiary commercial bank, was merged into Valley National Bank.

"The merger provides additional strengths to several aspects of our bank operations, including commercial, leasing, and retail operations," Valley National chairman, president and chief executive officer Gerald H. Lipkin said in the release.

"The combined organization will benefit from the anticipated better than normal cost saves through this in-market transaction and greater geographic coverage in the very competitive markets located within the northern New Jersey counties of Bergen, Passaic and Morris," Lipkin added.

Greater Community is based in Totowa, N.J., and is the holding company for Greater Community Bank.

Valley National, a Wayne, N.J.-based regional bank holding company, now has consolidated assets of about $14 billion and operates 193 branches in 131 communities.

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