Northeast bank with strong local ties acquires Israeli bank

Valley Bank, a Wayne, New Jersey-based bank with a robust footprint in Florida thanks to its acquisition of Clearwater-based USAmeriBank in 2018, has closed its purchase of Leumi USA, the U.S. subsidiary of Bank Leumi Le-Israel B.M. and parent company of Bank Leumi USA.

According to a news release, the acquisition cost was $113 million. Bank Leumi USA’s total assets, as of Dec. 31, were $8.3 billion.

Former Bank Leumi President and CEO Avner Mendelson has joined Valley Bank’s board of directors and will serve as vice chairman. Ronen Agassi, Bank Leumi Le-Israel B.M.’s corporate division head, has also joined the board of directors.

“This transaction further solidifies Valley’s position as one of the premier full-service commercial banks in the country,” Valley Bank CEO Ira Robbins states in the release. “We are incredibly excited about the new business capabilities and the differentiated growth opportunities that Bank Leumi will bring to our combined organization. On behalf of our board of directors and our executive leadership team, I’d like to welcome Bank Leumi clients and employees to the Valley family. We look forward to continuing our journey together.”