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Valley FOR IMMEDIATE RELEASE Contacts : Valley National Bancorp Michael D. Hagedorn Senior Executive Vice President and Chief Financial Officer ( 973 ) 872-4885 - Bank Leumi Le - Israel Corporation Raja Dakkuri Executive Vice President and Chief Financial Officer ( 917 ) 542-2000 Exhibit 99.1 leumi VALLEY NATIONAL BANCORP TO ACQUIRE BANK LEUMI USA CREATING A PREMIER COMMERCIAL BANK WITH UNIQUE , SUSTAINABLE AND DIVERSE GROWTH OPPORTUNITIES NEW YORK , N.Y. - Thursday , September 23 , 2021 - Valley National Bancorp ( " Valley ” ) ( NASDAQ : VLY ) and Bank Leumi Le - Israel Corporation ( " Leumi " ) announced today that they have entered into a definitive merger agreement whereby Valley will acquire Leumi , the US subsidiary of Bank Leumi Le - Israel B.M. , and parent company of Bank Leumi USA ( “ Bank Leumi ” ) . This strategic combination broadens Valley's commercial product offerings and enhances Valley's funding verticals . As a result of the mutually beneficial transaction , Valley will greatly expand its technology and venture capital banking business , and Bank Leumi Le - Israel B.M. will enhance its exposure to the U.S. banking market . This combination further solidifies Valley's position as a top - tier , relationship - focused commercial bank . The pro forma company will be the 29th largest publicly traded U.S. bank by assets¹ , and will be well - positioned for strong , sustainable , and diversified growth . Bank Leumi provides full - service relationship banking for middle - market commercial clients and private banking services for high net - worth individuals . As of June 30 , 2021 , Bank Leumi had total assets of $ 8.4 billion , total deposits of $ 7.1 billion , and gross loans of $ 5.4 billion . The loan portfolio is well diversified by asset class with nearly 1 / 3rd of the portfolio in commercial and industrial loans . Bank Leumi operates five commercial offices in New York , Los Angeles , Palo Alto , Chicago , and Miami , a strategically located distribution network that drives the geographic diversity of its loan portfolio . The bank's commercial focus has contributed to its exceptional funding base which includes nearly $ 2 billion of low - cost deposits in the technology and venture capital space . 1 Based on pro forma assets of publicly traded banks headquartered in the US ; financial data sourced from S & P Global Market Intelligence