Morristown, N.J.-based Valley National Bancorp is acquiring Providence Financial Corporation, South Holland, Ill., for $247 million. .The deal, expected to close early next year, will result in a bank with a combined balance sheet of $67.9 billion in assets, $55.5 billion of deposits and $53.5 billion in loans. After the deal closes, Valley expects to have $1.6 billion of deposits and $1.9 billion in loans in Chicagoland. Providence Financial is the parent company of Providence Bank & Trust. The $1.6 billion Providence is headquartered 20 miles south of Downtown Chicago and has $1.3 billion in total deposits. The bank also has $1.1 billion in total loans and $800 million in wealth assets under management along with 14 branches. Valley National Bancorp subsidiary Valley National Bank has $66 billion in assets along with 220 branches in New Jersey, New York and numerous other states. The acquisition continues Valley’s recent investments to spark retail and small business growth, starting by hiring Patrick Smith as president of consumer banking in September 2025. Valley National Bank entered Illinois in 2022 by acquiring Chicago-based Bank Leumi USA “Consistent with Valley’s strategic focus to enhance its funding profile and expand in attractive target markets, Providence provides an attractive and established physical delivery channel in the Chicagoland area to supplement Valley’s existing commercial presence in the market,” according to the bank. Toronto-based TD Securities is financial advisor to Valley National Bancorp, while Wachtell, Lipton, Rosen & Katz, New York City, is legal counsel to the company. New York City-based Keefe, Bruyette & Woods is financial advisor to Providence. Dickinson Wright PLLC, Detroit, is legal counsel to the company.
