Valley National Bancorp announced a definitive agreement to acquire Providence Financial Corporation, parent of Providence Bank & Trust, in an all-stock and cash transaction valued at approximately $247 million based on Valley's August 24 closing price. Providence shareholders will receive 4.3854 shares of Valley common stock plus $21.47 in cash per share. The target holds roughly $1.6 billion in assets, $1.35 billion in deposits, and $1.1 billion in loans across a 14-branch network in the Chicagoland area as of June 30, 2026. Valley expects the merger to close in early 2027, subject to regulatory approvals and shareholder consent, with anticipated earnings accretion of approximately 2% by 2028. Providence CEO Steven Van Drunen will join Valley as Market President for Chicago following closing. Valley National Bancorp operates as a regional financial institution providing consumer, commercial, and wealth management services.

Valley National Bancorp reported second quarter 2026 net income of $170.9 million, or $0.29 per diluted common share, compared to $133.2 million ($0.22 per share) for the same period in 2025. Net interest margin on a tax equivalent basis increased to 3.20%. Total loans grew to $52.5 billion, driven by increases in C&I and commercial real estate loans, while total deposits rose to $54.1 billion. The company recorded a provision for credit losses of $29.2 million and net loan charge-offs of $22.0 million. During the quarter, Valley repurchased 1.5 million shares of common stock at an average price of $13.40. The company operates in the banking industry, providing consumer, commercial, and wealth management solutions.