Valley National Bancorp, Greater Community Bancorp merger set to close July 1

By Lisa Kerner

Charlotte, N.C., June 19 - Valley National Bancorp and Greater Community Bancorp expect their $167 million merger to take place on July 1 now that all regulatory and shareholder approvals have been received, it was announced on Thursday.

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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