Valley National Bancorp ready to close deal with Greater Community Bancorp

By Lisa Kerner

Charlotte, N.C., May 27 - Valley National Bancorp said it received all regulatory approvals needed to complete its acquisition of Greater Community Bancorp.

Greater Community Bancorp shareholders are set to vote on the merger on June 19, a Valley National news release stated.

The merger, valued at some $167 million, is slated to close during the first week of July.

As already reported, Valley National, the holding company for Valley National Bank, will issue 0.95 shares for each outstanding common share of Greater Community.

In addition, for each 10 shares of Greater Community, Valley National will issue a warrant to buy one share at a price equal to $2.00 above Valley National's average closing stock price for a period of time prior to closing, as specified in the merger agreement, a prior news release said.

Cash will be paid in lieu of fractional shares and warrants.

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

Wayne, N.J.-based Valley National is a regional bank holding company.

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