Research Update: Valley National Bancorp Downgraded To 'BBB' Following Approval Of USAmeriBancorp Acquisition; Outlook Is Stable - S&P Global Ratings’ Credit Research

Research Update: Valley National Bancorp Downgraded To 'BBB' Following Approval Of USAmeriBancorp Acquisition; Outlook Is Stable

Research Update: Valley National Bancorp Downgraded To 'BBB' Following Approval Of USAmeriBancorp Acquisition; Outlook Is Stable - S&P Global Ratings’ Credit Research
Research Update: Valley National Bancorp Downgraded To 'BBB' Following Approval Of USAmeriBancorp Acquisition; Outlook Is Stable
Published Dec 20, 2017
6 pages (2109 words) — Published Dec 20, 2017
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

On Dec. 14, 2017, Valley National Bancorp (Valley) announced that it had received all regulatory and shareholder approvals for its planned acquisition of USAmeriBancorp Inc. (USAB). We expect the merger will close as planned on Jan. 1, 2018. The acquisition will increase the percentage of Valley's assets based in Florida and maintain its already high concentration of loans in commercial real estate (CRE). We are lowering our long-term issuer credit ratings on Valley to 'BBB' from 'BBB+' and on its wholly owned subsidiary, Valley National Bank, to 'BBB+' from 'A-'. We are also removing the ratings from CreditWatch, where we placed them on July 26, 2017, with negative implications. The outlook is stable, reflecting our view that Valley will successfully

  
Brief Excerpt:

...On Dec. 14, 2017, Valley National Bancorp (Valley) announced that it had received all regulatory and shareholder approvals for its planned acquisition of USAmeriBancorp Inc. (USAB). We expect the merger will close as planned on Jan. 1, 2018....

  
Report Type:

Research Update

Ticker
VLY
Issuer
Valley National Bancorp
GICS
Regional Banks (40101015)
Sector
Global Issuers , Public Finance
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Valley National Bancorp Downgraded To 'BBB' Following Approval Of USAmeriBancorp Acquisition; Outlook Is Stable" Dec 20, 2017. Alacra Store. May 24, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Valley-National-Bancorp-Downgraded-To-BBB-Following-Approval-Of-USAmeriBancorp-Acquisition-Outlook-Is-Stable-1974200>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Valley National Bancorp Downgraded To 'BBB' Following Approval Of USAmeriBancorp Acquisition; Outlook Is Stable Dec 20, 2017. New York, NY: Alacra Store. Retrieved May 24, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Valley-National-Bancorp-Downgraded-To-BBB-Following-Approval-Of-USAmeriBancorp-Acquisition-Outlook-Is-Stable-1974200>
  
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