Valley National Bancorp VLY, +2.17% said Thursday it agreed to pay $1.15 billion in cash and stock to buy Bank Leumi Le-Israel Corp., the U.S. unit of Bank Leumi Le-Israel B.M., and parent company of Bank Leumi USA. The New York-based bank said the deal will broaden its technology and venture capital banking business, and create the 29th largest publicly traded U.S. bank by assets. As of June 30, Bank Leumi counted total assets of $8.4 billion, deposits of $7.1 billion, and gross loans of $5.4 billion. Valley National said the acquisition will add 7% to its 2023 earnings. Bank Leumi Le-Israel B.M. will own more than 14% of Valley’s common stock when the deal closes. Valley National shares are up 23.8% so far this year, compared to a rise of 25.9% by the Financial Select SPDR Fund XLF, +0.53%.
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