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Fed OKs Valley-USAmeriBancorp deal

The Federal Reserve Bank of New York approved Wayne, N.J.-based Valley National Bancorp's acquisition of Clearwater, Fla.-based USAmeriBancorp Inc.

Approvals by the Office of the Comptroller of the Currency and each company's shareholders are still pending.

The deal is valued at approximately $816 million, based on the buyer's July 25 closing price of $12.40.