Valley National Bancorp Says OCC Approves Proposed Merger Of Providence Bank & Trust With And Into Valley Bank, With Valley Bank As Surviving Bank

Valley National Bancorp (NASDAQ:VLY), the parent company of Valley Bank, announced today that the Office of the Comptroller of the Currency ("OCC") has approved the proposed merger of Providence Bank & Trust with and into Valley Bank, with Valley Bank as the surviving bank. A waiver of prior approval with respect to the merger of the holding companies has been granted by the Federal Reserve Bank of New York. All required regulatory approvals to complete the proposed transaction have now been received.

The merger is expected to be effective January 1, 2027, subject to the receipt of Providence shareholder approval and the satisfaction or waiver of the remaining customary closing conditions set forth in the merger agreement.