Valley National Bank (VNB) is a regional Commercial Bank headquartered in Wayne, New Jersey with over $20 billion in assets. Before its incursion into the Florida market, VNB operated 204 branches in 144 communities serving 16 counties throughout northern and central New Jersey, Manhattan, Brooklyn, Queens and Long Island. The Bank was established in 1927 and has never reported a quarterly loss. Between 2001 and 2012, it acquired seven Banks. When VNB decided to penetrate the Florida Market, it set its sights on local Banks that shared its conservative principles and experience with acquisitions.
After an extensive due diligence period, they decided to acquire 1st United Bank. A $1.7 billion Bank headquartered in Boca Raton with 21 branches in southeast and central Florida. 1st United Bank, which has grown both organically and through opportunistic acquisitions, shared VNB’s conservative underwriting standards, and perhaps more importantly, an organizational culture that despite its multiple origins along several acquisitions, worked successfully as one Bank. In 2009, 1st United had acquired Republic Federal Bank after it failed (FDIC Press Release). Soon after in 2010, it took control of Bank of Miami after it also collapsed (Bandell, 2014). The following year, Old Harbor Bank failed, and 1st United Bank acquired it by entering into a loss-share agreement with the FDIC. (Bandell, 2014). In 2013, the Bank acquired Enterprise Bancorp (1st United Bank Press