Valley National Bancorp to acquire Bluevine for about $340 million
The deal adds $2.1 billion in digitally-sourced deposits and roughly 175,000 small business customers to Valley's books
Published
Valley National Bancorp has agreed to acquire Bluevine, a digital small business banking platform, in a deal worth approximately $340 million. The consideration is split between about $255 million in cash and roughly 6.3 million shares of Valley common stock.
Valley says the acquisition brings $2.1 billion in low-cost, digitally-sourced deposits and approximately 175,000 active small business customers. The deal also adds about 180 research and development and engineering staff to Valley's operations.
Bluevine co-founder and chief executive Eyal Lifshitz will join Valley as head of small business banking once the deal closes, which is expected in early 2027 subject to regulatory approvals and customary closing conditions.
Valley's deposit base stands at $51.2 billion, and analysts have been rewarding the bank for growing that base with cheaper, digitally-sourced funding. The Bluevine deal adds a meaningful slice of that kind of deposit at once, which is likely to keep that dynamic in focus for investors watching the stock through the deal's close.