Valley National Bancorp Acquires Agency
NU Online News Service, June 19, 10:18 a.m. EST?Valley National Bancorp of Wayne, N.J., announced the acquisition of Masters Coverage Corp., an independent insurance agency headquartered in Spring Valley, N.Y., with offices in Manhattan.
The bank said the purchase was "a cash acquisition with subsequent earn-out payments."
Under the terms of the agreement, the bank said, the Masters' operation would continue as a wholly-owned subsidiary of Valley National Bank with the current management and staff.
Completion of the transaction is expected during the third quarter of this year, subject to certain undisclosed conditions that have to be met, Valley National said.
Masters deals in property-casualty and life and health insurance products. It is licensed in a number of states, and represents both major and regional insurance carriers.
The acquisition allows Valley National to offer a full line of insurance services, adding to its existing title insurance company, said Gerald H. Lipkin, chairman, president and chief executive officer of Valley.
Valley National Bancorp is a regional bank holding company and operates 128 offices located in 76 communities serving 10 counties in Northern New Jersey and Manhattan.
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