MONTGOMERY, AL (WSFA) - U.S.AmeriBank, which has a number of locations in Florida and Alabama, has been bought by Valley National Bancorp.
The announcement came Wednesday in a joint release, which outlined important information for both banks' customers. U.S.AmeriBancorp currently has five locations in Montgomery County, four in Tallapoosa County and one in both Lee and Elmore counties.
According to the release, the transaction is valued at roughly $816 million and is expected to be non-taxable.
The transition is expected to be completed early in the first quarter of 2018.
U.S.AmeriBancorp - also known on the stock market as OTC Pink: USAB - are now projected to take on Valley National Bancorp's name in USAB's Florida and Alabama locations. The conjoined banks will combine to give the new Valley corporation about $28 billion in assets, and nearly $21 billion of both loans and deposits.
For stock owners, common shareholders with USAB will receive 6.1 shares of Valley common stock for each USAB share they own, depending on the closing price of Valley's stock.
For more information on how this might affect your portfolio, you can read the full release on Valley's website.