Regulators have cleared the way for 1st United Bancorp’s sale to Valley National Bancorp by approving the $312 million deal.

Boca Raton-based 1st United is the largest bank based in Palm Beach County, with assets of $1.7 billion, and the only Palm Beach bank among the Top 25 in South Florida. This marks the first Florida branches for Wayne, N.J.-based Valley National. 1st United has 20 branches, including branches in Central Florida and the Tampa Bay area.

The top three executives of 1st United Bancorp are set to earn over $9 million each in the deal. 1st United CEO Rudy Schupp would join Valley National to lead its Florida operations.

1st United shareholders will receive 0.89 of a share of Valley National, which was trading at $9.37 on Monday morning.

Source: SFBJ