New York-based Valley National completes merger with Westchester Bank Holding

New York-based Valley National Bancorp completed its merger with White Plains, N.Y.-based Westchester Bank Holding Corp., effective Dec. 1.

Valley National will issue roughly 15.7 million shares of common stock in the deal. The common shareholders of Westchester Bank Holding will receive 229.645 shares of Valley National common stock for each Westchester Bank Holding share that they own.

Also effective Dec. 1, Westchester Bank Holding subsidiary Westchester Bank merged into and under the name Valley National Bank, which is a unit of Valley National. Westchester Bank Holding had roughly $1.3 billion in assets, $906 million in loans and $1.1 billion in deposits as of Sept. 30.

Full systems integration is expected to be complete in the first quarter of 2022, Valley National said in a news release.