Valley National Buys CNLBancshares to Broaden Florida Expansion

Valley National Bancorp agreed to buy Orlando-based CNLBancshares Inc. for about $207 million in its second acquisition of a Florida lender since 2014.

Investors will receive 0.75 share of Valley stock for each CNLB share, the companies said Wednesday in a statement. That could be adjusted if Wayne, New Jersey-based Valley National’s stock price falls below $8.80 or rises above $10.13 before the deal is completed. The transaction is based on Valley’s May 22 closing stock price of $9.75 and values CNLB shares at $7.31 apiece, 72 percent above Tuesday’s closing price.