Valley National Bancorp Agrees to Acquire Providence Financial for $247 Million

08:57 AM EDT, 08/25/2026 (MT Newswires) -- Valley National Bancorp (VLY) has entered into a definitive merger agreement to acquire Providence Financial, the parent company of Providence Bank & Trust, for an estimated $247 million, the two companies said Tuesday. Under the terms of the merger agreement, Providence shareholders will receive 4.3854 shares of Valley common stock and $21.47 in cash for each Providence share, according to a statement. The acquisition is expected to close in early 2027. The transaction is expected to be about 2% accretive to Valley's earnings and less than 1% dilutive to Valley's pro forma tangible book value at close, with an earnback period of under three years, the statement said.