Day Pitney represented Valley National Bancorp in its $312 million acquisition of 1st United Bancorp of Florida.
The transaction, which was announced on Thursday, includes the acquisition of 1st United Bank’s approximately $1.7 billion in assets, $1.2 billion in loans and $1.4 billion in deposits. The Florida-based bank has 21 branches located in the “most attractive urban banking markets in Florida,” according to the two companies’ joint press release.
The combined company is expected to have approximately $18.1 billion in assets, $12.9 billion in loans, $12.7 billion in deposits, 225 branches covering northern and central New Jersey, New York (including Manhattan, Brooklyn, Queens and Long Island), and southeast and central Florida.
The Day Pitney legal team advising Valley National, includes corporate partners Michael Rave and Ronald Janis, counsel Richard Leu and associates Elizabeth Kim. The corporate team was assisted by partners David Doyle advising on executive compensation and benefits, Steve Ziobrowski with associate Andrew Wogman on tax and Colleen Donovan on real estate matters.
