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USAmeriBancorp, Valley National face merger-related lawsuit

A class-action lawsuit is seeking to stop Clearwater, Fla.-based USAmeriBancorp Inc.'s pending merger with Wayne, N.J.-based Valley National Bancorp.

The Nov. 29 complaint was filed by Paul Parshall with the U.S. District Court for the Middle District of Florida. It alleged the company of omitting material information in its Form S-4, including USAmeriBancorp's and Valley National's financial projections and valuation analyses performed by Sandler O'Neill & Partners.

The registration statement also allegedly failed to disclose specific details of the pending deal, including price, deal protection provisions, post-merger employment and directorships.

The Federal Reserve Bank of New York has already approved the deal. USAmeriBancorp shareholders are expected to vote on the deal Dec. 14.