Professionals In For A Retreat? Not Likely

Four in Five Firms Don't Hold Annual Corporate Retreats, Potentially Missing Key Benefits

MENLO PARK, Calif., July 26, 2017 /PRNewswire/ -- Corporate retreats – offsite events where employees, commonly executives, meet to discuss the business – offer organizations numerous benefits, with increased teamwork and employee morale chief among them, according to CFOs whose companies engage in them. But those organizations are in the minority: Four in five companies (80 percent) don't hold annual gatherings, a recent survey by Robert Half Management Resources found.

CFOs were asked, "Does your company offer an annual corporate retreat?" Their responses:

Yes

20%

No

80%


100%

CFOs whose companies offer these meetings also were asked, "What is the single greatest benefit of having a corporate retreat?" Their responses:

Increases teamwork and morale

40%

Provides an environment that stimulates new ideas and perspectives

20%

Is a way to share the corporate vision and align teams around business strategies

19%

Offers additional professional development opportunities

12%

Enhances cross-departmental collaboration

9%


100%

 

Additional research findings include:

  • The smallest (20 to 49 employees) and largest companies (1,000 or more employees) are equally likely (19 percent) to offer an annual corporate retreat.
  • While CFOs from both groups cited increased teamwork as the top advantage of corporate retreats, this is a greater emphasis for large organizations. The research also suggests small businesses more often benefit from new ideas from these events than the biggest companies.
  • Among industries, professional services firms most commonly hold these sessions, while financial services institutions offer them the least, according to CFOs interviewed.
  • The survey found businesses in Phoenix, Salt Lake City and San Francisco offer these events most often. Organizations in Des Moines, New York and Cincinnati conduct them least frequently.

"The opportunity to go off-site, away from the day-to-day norm, to strategize for the company and connect with team members can yield significant business benefits," said Tim Hird, executive director of Robert Half Management Resources. "Events don't need to be elaborate, they just need to provide a dedicated forum for open discussion and team-building."

Hird noted that due to factors such as cost or time away from the office, corporate retreats may not be for everyone, but the value they provide applies to all organizations. "Companies that don't offer retreats should look for other opportunities to build teamwork, enhance innovation and align employees with business goals," Hird said.  

Robert Half Management Resources highlights alternatives to traditional corporate retreats:

  • Innovation days: Invite groups to develop and pitch ideas to help the business. Executives can review the proposals and guide teams in implementing them.
  • Staycation-style retreats: Managers can take their teams to a local offsite venue to brainstorm and connect.
  • Top-performer celebrations: In addition to recognizing their great work, invite star employees to submit their ideas for helping the organization grow. 
  • Town halls: These regular or semiregular gatherings provide an opportunity to share updates with staff. Serve food or otherwise dress up the event to emphasize its importance.
  • Quarterly strategy sessions: Gather department leaders or task forces to talk shop in a formal setting.

About the Research
The survey was developed by Robert Half Management Resources and conducted by an independent research firm. It is based on telephone interviews with more than 2,200 CFOs from a stratified random sample of companies in more than 20 of the largest U.S. metropolitan areas.

About Robert Half Management Resources
Robert Half Management Resources is the premier provider of senior-level finance, accounting and business systems professionals for companies' project and interim staffing needs. Customizing its approach for each organization, Robert Half Management Resources can provide a single consultant, a financial team or full-service consulting services, delivered through Protiviti, a Robert Half subsidiary. With more than 140 locations worldwide, Robert Half Management Resources works with companies of all sizes, including more than half of the top 100 companies from the FORTUNE 500®. For more information, visit roberthalf.com/management-resources.

 

View original content:http://www.prnewswire.com/news-releases/professionals-in-for-a-retreat-not-likely-300494215.html

SOURCE Robert Half Management Resources

Sue Duckett Named Executive Vice President at Franklin Capital

HIGHLAND PARK, Ill., July 26, 2017 /PRNewswire/ -- Sue Duckett has been named Executive Vice President at Franklin Capital Holdings LLC, a Highland Park, Illinois financial services firm.  Franklin Capital provides accounts receivable lending and factoring, purchase order/trade finance, export finance, supply side finance, and inventory and machinery & equipment loans to small and medium-size businesses in the US and Canada.

Duckett brings 25 years of financial experience in both the United States and the United Kingdom.  Previously she was Executive Vice President and Managing Director at Bibby Financial Services in both the U.S. and U.K.  She was most recently General Manager for Accord Business Finance.  Early in her career she worked for Norwich Union Plc and the Bank of Scotland.

As a member of the senior management team at Franklin Capital, Duckett will work directly with Gary Edidin, Chairman of the company.  "We're very pleased to have attracted such a talented and effective executive to our team," said Edidin.  "We're looking forward to leveraging Sue's experience and creativity to help our client's grow their businesses."

Duckett is an active member of the Commercial Finance Association, Turnaround Management Association, Small Business Advocacy Council and previously with the U.K.-based Asset Based Finance Association where she served as an industry trainer and advisor.

Franklin Capital Network is a financial service company that provides credit programs to meet the needs of small to medium-size businesses whose banks cannot always satisfy their working capital requirements.  Clients include start-ups, fast growing businesses and turnarounds including DIPs and companies emerging from Chapter 11. Franklin Capital's senior management has extensive national and international experience in commercial banking and commercial finance. The company is committed to respond quickly to client requests with integrity and discretion.  More information is available at www.franklincapitalnetwork.com

Contact:
Tom Nicholson, 212-203-2803

View original content with multimedia:http://www.prnewswire.com/news-releases/sue-duckett-named-executive-vice-president-at-franklin-capital-300494408.html

SOURCE Franklin Capital

Markel to acquire State National

RICHMOND, Va. and BEDFORD, Texas, July 26, 2017 /PRNewswire/ -- Markel Corporation ("Markel") (NYSE: MKL) and State National Companies, Inc. (NASDAQ: SNC) today announced that they have entered into a definitive agreement under which Markel will acquire all of the outstanding shares of State National common stock for $21.00 per share in cash. The transaction has a total value of approximately $919 million.

The agreement, which has been unanimously approved by both companies' board of directors, represents a 38% premium to State National's 30-day volume-weighted average stock price as of May 18, 2017, the last trading day prior to published market speculation regarding a potential sale of State National, and a premium of approximately 7% to State National's closing stock price on July 25, 2017. 

The transaction brings together two values-driven organizations with a shared commitment to innovation, service, and long-term relationships. State National's two core businesses, Program Services and Lender Services, are well positioned to capitalize on changing market dynamics and new opportunities. State National is the largest and longest-standing pure-play U.S. insurance fronting business with approximately $1.3 billion in gross written premium (2016) and more than 60 programs. State National is also the leading collateral protection insurance provider in the U.S.

Richard R. Whitt, Markel's Co-Chief Executive Officer said, "We are excited to be joining forces with State National—an industry leader with a talented management team that has delivered exceptional long-term results. In addition, we are impressed by the cultural fit between our two organizations. Strategically, State National will help us to leverage our Insurtech and digital distribution initiatives, diversify our underwriting and fee based portfolios and revenue streams, and add to Markel's third party capital capabilities. Combining Markel's financial strength with State National's unique business model and proven record of success, we are confident that all stakeholders will be well served moving forward."

Terry Ledbetter, State National's Chairman and Chief Executive Officer, said, "After careful and thorough analysis of a range of opportunities, our board of directors determined this transaction with Markel to be in the best interest of State National and our shareholders. We believe the transaction appropriately recognizes the value of State National's business model, recent growth and future market opportunities as a leading specialty provider of property and casualty insurance services operating in two niche markets throughout the United States, and provides our shareholders with an immediate and attractive cash premium for their investment in State National.

"We believe this transaction with Markel is good for our employees and clients, as well as our shareholders. Markel recognizes our shared commitment to offering unique, high-quality solutions that simplify the complexities of insurance for clients nationwide. We have long respected Markel and are proud to partner with this distinguished company that has a strong reputation and proven track record of success in acquiring and partnering with insurance companies. Markel understands the uniqueness of our business model, and will be a tremendous asset as we, together, build upon our leadership position and specialty insurance service offerings, and continue to implement our strategic plan to deliver enhanced value for our clients. This transaction is all about growth, not cost-cutting, and we believe that State National employees will benefit from being part of a larger, stronger, growth-oriented company with a more diversified platform. Our success is driven by the ongoing efforts of our talented employees and I thank them for their continued hard work and dedication. We look forward to working with Markel to quickly complete the transaction and are committed to ensuring a smooth transition."

The transaction, which is subject to the approval of a majority of State National shareholders, approvals by relevant state insurance regulators and other customary closing conditions, is expected to close in the fourth quarter of 2017. The transaction is not subject to any financing condition, and Markel plans to finance the transaction using cash balances on hand. Members of the Ledbetter family have entered into a voting agreement with Markel in support of the merger. CF SNC Investors LP has entered into a separate similar voting agreement with Markel. As a result of these voting agreements, approximately 37% of State National's common stock is committed to vote in favor of the transaction.

Upon completion of the transaction, State National will operate as a separate business unit. The management team, led by Terry Ledbetter, State National's current Chairman and Chief Executive Officer will remain in place and will continue to be based in Bedford, Texas.

Advisors
Sidley Austin LLP is serving as legal counsel to Markel. Evercore is serving as exclusive financial advisor to State National and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to State National.

About Markel
Markel Corporation is a diverse financial holding company serving a variety of niche markets. The Company's principal business markets and underwrites specialty insurance products. In each of the Company's businesses, it seeks to provide quality products and excellent customer service so that it can be a market leader. The financial goals of the Company are to earn consistent underwriting and operating profits and superior investment returns to build shareholder value. Visit Markel Corporation on the web at www.markelcorp.com.

About State National Companies, Inc.
State National Companies, Inc. (NASDAQ: SNC) is a leading specialty provider of property and casualty insurance services operating in two niche markets across the United States. In its Lender Services segment, the Company specializes in providing collateral protection insurance, which insures personal automobiles and other vehicles held as collateral for loans made by credit unions, banks and specialty finance companies. In its Program Services segment, the Company leverages its "A" (Excellent) A.M. Best rating, expansive licenses and reputation to provide access to the U.S. property and casualty insurance market in exchange for ceding fees. To learn more, please visit www.statenational.com. State National routinely posts important Company information on its website.

Cautionary note regarding forward-looking statements
Some of the statements in this press release may include forward-looking statements which reflect our current views with respect to future events and financial performance, and State National may make related oral, forward-looking statements on or following the date hereof.  Such statements may include forward-looking statements both with respect to us in general and the insurance sector specifically, both as to underwriting and investment matters.  These statements may also include assumptions about our proposed acquisition by Markel (including its benefits, results, effects and timing).  Statements which include the words "should," "would," "expect," "intend," "plan," "believe," "project," "anticipate," "seek," "will," and similar statements of a future or forward-looking nature identify forward-looking statements in this material for purposes of the U.S. federal securities laws or otherwise.  We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the Private Securities Litigation Reform Act of 1995.

The proposed transaction is subject to risks and uncertainties, including: (A) that State National and Markel may be unable to complete the proposed transaction because, among other reasons, conditions to the closing of the proposed transaction may not be satisfied or waived; (B) uncertainty as to the timing of completion of the proposed transaction; (C) the inability to complete the proposed transaction due to the failure to obtain State National stockholder approval for the proposed transaction or the failure to satisfy other conditions to completion of the proposed transaction, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction; (D) the exercise of appraisal rights by State National stockholders, which could permit Markel to terminate the Merger Agreement even if State National stockholder approval has been obtained; (E) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (F) risks related to disruption of management's attention from State National's ongoing business operations due to the proposed transaction; (G) the effect of the announcement of the proposed transaction on State National's relationships with its clients, operating results and business generally; (H) the outcome of any legal proceedings to the extent initiated against State National, Markel or others following the announcement of the proposed transaction; (I) risks related to Markel's post-closing integration of State National's business and operations; (J) risks related to a downgrading of State National's or Markel's A.M. Best ratings or other similar financial strength or debt ratings as a result of the announcement or completion of the proposed transaction; and (K) the loss or impairment of State National's material client or other relationships as a result of the announcement or completion of the proposed transaction, as well as State National's and Markel's management's response to any of the aforementioned factors.

The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors included in State National's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other documents of State National on file with the SEC.  Any forward-looking statements made in this material are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by State National will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, State National or its business or operations.  Except as required by law, the parties undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Additional information about the proposed transaction and where to find it
In connection with the proposed transaction, State National will file with the SEC a proxy statement on Schedule 14A and may file or furnish other documents with the SEC regarding the proposed transaction.  This press release is not a substitute for the proxy statement or any other document which State National may file with the SEC.  INVESTORS IN AND SECURITY HOLDERS OF STATE NATIONAL ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR FURNISHED OR WILL BE FILED OR WILL BE FURNISHED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS.  Investors and security holders may obtain free copies of the proxy statement (when available) and other documents filed with or furnished to the SEC by State National through the web site maintained by the SEC at www.sec.gov or by contacting the investor relations department of State National:

Investor Relations
State National Companies, Inc.
1900 L. Don Dodson Drive
Bedford, Texas 76021
Attn: Corporate Secretary

Participants in the solicitation
State National and its directors and executive officers may be deemed to be participants in the solicitation of proxies from State National's stockholders in connection with the proposed transaction.  Information regarding State National's directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is contained in State National's annual proxy statement filed with the SEC on April 7, 2017.  A more complete description will be available in the proxy statement on Schedule 14A that will be filed in connection with the proposed transaction.  You may obtain free copies of these documents as described in the preceding paragraph filed, with or furnished to the SEC.  All such documents, when filed or furnished, are available free of charge at the SEC's website (www.sec.gov) or by directing a request to State National at the Investor Relations contact above.

View original content with multimedia:http://www.prnewswire.com/news-releases/markel-to-acquire-state-national-300494409.html

SOURCE Markel Corporation

Hub International Releases Findings Of Second Annual Benefits Barometer Study

Gaps in planning impact ability to manage benefits costs and address workforce needs with growing millennial presence

CHICAGO, July 26, 2017 /PRNewswire/ -- Hub International Limited (Hub), a leading global insurance brokerage, released the results of its second annual employee benefits study: Employee Benefits Barometer 2017: Why Human Resources Must Take a Long-Term View. HUB surveyed more than 300 employee benefits professionals from organizations with 50 to 1,000 employees. The study explored the complexity of managing benefits and the value of multi-year planning to better position human resources as business strategists to the executive suite.

Mike Barone, President of Hub International's Employee Benefits practice stated, "Based on the research, it's clear that there is still work to be done to position human resources as a strategic partner to the C-suite.  As benefits are a major operating expense, HR leaders need to take a long term view of their benefits plans to really demonstrate the value they contribute in talent acquisition, retention, attraction, productivity and ultimately company performance.  HR isn't quite there when 65% spend less than a year planning their benefits." 

"Unfortunately, the limited commitment to planning and implementing strategies for cost management identified in the study -- as well as the lack of focus on addressing what employees want -- is troubling," said Linda Keller, National Chief Operating Officer of Employee Benefits, Hub International.  "There are many different generations in the workforce and when only 28% of respondents are focused on the new millennial employee population, there's a missed opportunity for HR.  It could be standing in the way of HR getting a seat at the senior management table."  

Key insights from the study:

  • Multi-year benefits planning is lacking: 65% of respondents say they spend less than a year developing their annual benefit plan changes.
  • Certain planning concerns rise to the top: 81% of respondents selected managing costs as one of their three primary benefits priorities; 50% list helping workers make better benefits decisions.
  • New cost management strategies, while top of mind, may not be on the docket: While 4 out of 5 companies say one of their goals is to manage health benefits costs better, 40% do not plan to implement any new cost management programs in the next 12 to 18 months and 50% believe that they've done all they can reasonably do to manage costs.
  • Investments in benefits administration technology can be difficult to secure: 53% say they need a better technology solution to reduce their workload but 36% of respondents report that they struggle the most to convince their CEOs/CFOs to make technology investments.
  • Meeting the needs of a multi-generational workforce is not always a prime focus: Only 28% of respondents identified this objective as a top priority, despite the growing presence of Millennials in today's workforce.
  • Wellness can provide a morale boost: 54% cite employee morale as their most improved metric from implementing wellness programs.

Download the 2017 HUB Benefits Barometer Study: Why Human Resources Must Take a Long-Term View to learn more.

About Hub International
Headquartered in Chicago, IL, Hub International Limited is a leading global insurance brokerage that provides property and casualty, life and health, employee benefits, investment and risk management products and services from offices located throughout North America.  For more information, please visit hubinternational.com.

CONTACT:
Media: Marni Gordon
Phone: 312-279-4601
Marni.gordon@hubinternational.com

 

View original content with multimedia:http://www.prnewswire.com/news-releases/hub-international-releases-findings-of-second-annual-benefits-barometer-study-300493740.html

SOURCE Hub International Limited

Valley National Bancorp To Acquire USAmeriBancorp, Inc. And Substantially Enhance Its Florida Franchise

WAYNE, N.J., July 26, 2017 /PRNewswire/ -- In a merger of two banks with a similar focus on personal service and community involvement, Valley National Bancorp ("Valley") (NYSE: VLY) announced today that it is expanding its Florida presence and moving into Alabama by acquiring USAmeriBancorp, Inc. ("USAB") (OTC Pink: USAB).

The companies have entered into a merger agreement in which the common shareholders of USAB will receive 6.1 shares of Valley common stock for each USAB share they own, subject to adjustment in the event Valley's volume-weighted average stock price falls below $11.50 or rises above $13.00 prior to closing.  The transaction is valued at an estimated $816 million, based on Valley's closing stock price on July 25, 2017.

Valley, and its wholly-own subsidiary, Valley National Bank, has approximately $23.4 billion in assets, $17.8 billion in loans, $17.3 billion in deposits and 209 branches in New Jersey, New York and Florida.

USAB, and its wholly-owned subsidiary, USAmeriBank, headquartered in Clearwater, Florida, has approximately $4.4 billion in assets, $3.6 billion in loans, $3.5 billion in deposits, and maintains a branch network of 30 offices.

The acquisition represents a significant addition to Valley's Florida franchise, and will meaningfully enhance its presence in the Tampa Bay market, which is Florida's second largest metropolitan area by population.  The acquisition will also bring Valley to the Birmingham, Montgomery, and Tallapoosa areas in Alabama, where USAmeriBank maintains 15 offices contributing approximately $1.1 billion of deposits and $520 million in loans.

Gerald H. Lipkin, Chairman & CEO commented that, "This will be our third acquisition in Florida since 2014 and is consistent with our goal to expand our franchise in the high growth markets of Florida.  USAB has a strong record of profitability and growth.  We are excited about our collaboration with Joseph V. Chillura, CEO of USAB, who will join Valley as a key member of our executive team."

Valley has consistently prioritized the retention of key individuals from acquisitions in order to service key clients of an acquired bank and remains committed to this effort.  Key leaders from USAB's team will join Valley to help drive continued growth efforts in the Florida and Alabama markets.  Additionally, USAB Chairman Jennifer W. Steans is expected to join Valley's board of directors.

"We are fortunate to have found a partner that shares the same quality corporate culture and focus on personal service as USAmeriBank," said Jennifer Steans, Chairman of the Board of USAmeriBancorp. "Valley is a strong regional bank focused on helping its customers succeed, so this is a win-win for our employees, customers, and shareholders."

"We are excited to join the Valley team," said Joseph V. Chillura, CEO of USAmeriBancorp, who will stay on as Regional President of the Florida West Coast (Tampa to Naples) and Alabama Division after the merger is complete.  "Together we will be better able to serve, and expand, our customer relationships in the Tampa Bay and central Alabama areas.  Valley has demonstrated professionalism throughout this process, and has remained focused on continuity.  We are extremely proud of everyone at USAmeriBank for building a terrific bank and I am convinced this partnership will significantly benefit our stakeholders, banking customers and the communities we serve."

Valley anticipates that the merger with USAB, which will involve changing USAmeriBank's name to Valley National Bank in its Florida and Alabama locations, will be a non-taxable transaction.  The combined company is expected to have approximately $28 billion in assets, $21 billion in loans, $21 billion in deposits, and 239 branches across New Jersey, New York, Florida, and Alabama.

The Boards of Directors of both companies, after extensive review and due diligence, have unanimously approved the transaction.  The acquisition is expected to close early in the first quarter of 2018, subject to standard regulatory approvals, shareholder approvals from Valley and USAB, as well as other customary conditions.

In connection with this announcement, Valley has commenced a preferred stock offering of approximately $75 million.  Inclusive of this offering, Valley anticipates this transaction will be accretive to Valley's per share earnings within 12 months from closing.

Combination of Strong and Well-Capitalized Banks

The transaction with USAB has similar characteristics to prior whole-bank acquisitions undertaken by Valley. Valley has a track record of integrating mergers designed to minimize customer disruption, and deliver profitable growth while maintaining strong credit quality and a well-capitalized balance sheet.  Selected data for the combined entity, on a pro-forma basis as of June 30, 2017, include:

  • Approximately $28 billion in assets
  • Nearly $21 billion in loans
  • 239 branches, including 140 in northern and central New Jersey, 38 in Manhattan, Brooklyn, Queens and Long Island, 46 in Florida, and 15 in Alabama
  • All regulatory capital ratios will be above the fully phased in Basel III minimum levels including the capital conservation buffer.

Transaction Summary

Under the terms of the definitive agreement signed by the companies, each USAB shareholder will receive 6.1 shares of Valley common stock for each share of USAB common stock if Valley's volume-weighted average closing price during the 30 day trading ending 5 days prior to closing is between $11.50 and $13.00.  In the event that the volume-weighted average closing price is less than $11.50, then the exchange ratio shall be $69.00 divided by the volume-weighted average closing price.  If Valley's volume-weighted average closing price is greater than $13.00, then the exchange ratio shall be $79.30 divided by the volume-weighted average closing price.  Both Valley and USAB have walkaway rights if the volume-weighted average closing price is below $11.00 and USAB has a walkaway right if the volume-weighted average closing price is above $13.50.

Following are selected terms and metrics associated with the transaction based upon current projections, including the impact of the proposed preferred stock offering:

  • Purchase price represents a fixed 6.1x for 1 exchange ratio (subject to adjustment)
  • Total transaction value of approximately $816 million
  • Price to LTM EPS of 16.4x
  • Price to 2018 EPS + Cost Savings of 11.4x
  • Price to tangible book value of 2.38x
  • Tangible book value dilution of 5.5% with an earn-back period of approximately 4.7 years
  • Anticipated to be accretive to earnings in 2018, including preferred stock issuance
  • Core deposit premium of 18.2%

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the preferred stock in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offering of the preferred stock is being made only by means of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Valley was advised by Keefe, Bruyette & Woods, Inc., a Stifel Company, MG Advisors, Inc. and the law firm of Day Pitney LLP.  USAB was advised by the investment banking firm of Sandler O'Neill + Partners, L.P., Hovde Group, LLC and the law firm of Barack Ferrazzano Kirschbaum & Nagelberg LLP.

Investor Conference Call

Executives from Valley and USAB will host a conference call with investors and the financial community at 10:00 AM Eastern Standard Time, today to discuss this transaction.  Those wishing to participate in the call may dial toll-free (800) 230-1766.  Investor presentation materials on this transaction will be made available prior to the conference call at www.valleynationalbank.com.

About Valley

Valley National Bancorp is a regional bank holding company headquartered in Wayne, New Jersey with approximately $23 billion in assets. Its principal subsidiary, Valley National Bank, currently operates over 200 branch locations in northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn, Queens and Long Island, and Florida. Valley National Bank is one of the largest commercial banks headquartered in New Jersey with executive offices in Manhattan and West Palm Beach. Helping communities grow and prosper is the heart of Valley's corporate citizenship philosophy. For more information about Valley National Bank and its products and services, please visit a convenient branch location, www.valleynationalbank.com or call our Customer Service Team at 800-522-4100.

About USAmeriBank

USAmeriBank is an independent, non-public bank based in Clearwater, Florida, that has established itself as an outstanding middle-market financial institution. The bank serves the needs of individuals and businesses in the Tampa Bay area in Florida, and in the Birmingham, Montgomery and Tallapoosa areas in Alabama, by providing a high-level of personalized service and attention to a targeted customer base. USAmeriBank's parent company is USAmeriBancorp, Inc. More information is available at www.USAmeriBank.com.

Additional Information and Where to Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed merger, Valley intends to file a joint proxy statement/prospectus with the Securities and Exchange Commission. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain a free copy of the registration statement (when available) and other documents filed by Valley with the Commission at the Commission's website at www.sec.gov. These documents may be accessed and downloaded for free at Valley's website at http://www.valleynationalbank.com/filings.html or by directing a request to Dianne M. Grenz, Senior Executive Vice President, Valley National Bancorp, at 1455 Valley Road, Wayne, New Jersey 07470, telephone (973) 305-3380.

Participants in the Solicitation

This communication is not a solicitation of a proxy from any security holder of Valley or USAB. However, Valley, USAB, their respective directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies from USAB's shareholders in respect of the proposed transaction. Information regarding the directors and executive officers of Valley may be found in its definitive proxy statement relating to its 2017 Annual Meeting of Shareholders, which was filed with the Commission on March 17, 2017 and can be obtained free of charge from Valley's website. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.

Forward Looking Statements

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, relationships, opportunities, taxation, technology and market conditions.  These statements may be identified by such forward-looking terminology as "expect," "believe," "view," "opportunity," "allow," "continues," "reflects," "typically," "usually," "anticipate," or similar statements or variations of such terms.  Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ from those contemplated by such forward-looking statements include, but are not limited to, the following: failure to obtain shareholder or regulatory approval for the merger of USAB with Valley or to satisfy other conditions to the merger on the proposed terms and within the proposed timeframe; delays in closing the merger; the inability to realize expected cost savings and synergies from the merger of USAB with Valley in the amounts or in the timeframe anticipated; changes in the estimate of non-recurring charges; the diversion of management's time on issues relating to the merger; costs or difficulties relating to integration matters might be greater than expected; material adverse changes in Valley's or USAB's operations or earnings; an increase or decrease in the stock price of Valley during the 30 day pricing period prior to the closing of the merger which could cause an adjustment to the exchange ratio or give either Valley or USAB the right to terminate the merger agreement under certain circumstances; the inability to retain USAB's customers and employees; or weakness or a decline in the economy, mainly in New Jersey, New York, Florida, and Alabama, as well as the risk factors set forth in Valley's Annual Report on Form 10-K for the year ended December 31, 2016. Valley assumes no obligation for updating any such forward-looking statement at any time.

View original content:http://www.prnewswire.com/news-releases/valley-national-bancorp-to-acquire-usameribancorp-inc-and-substantially-enhance-its-florida-franchise-300494114.html

SOURCE Valley National Bancorp

Conduent to Report Second-Quarter 2017 Financial Results on August 9, 2017

FLORHAM PARK, N.J., July 26, 2017 /PRNewswire/ -- Conduent Incorporated (NYSE: CNDT) plans to report its second-quarter 2017 financial results on Wednesday, August 9, 2017. Management will present the results during a conference call and webcast at 10:00 a.m. ET.

The call will be available by live audio webcast along with the news release and online presentation slides at https://investor.conduent.com/.

The conference call will also be available by calling 877-883-0383 (international dial-in 412-902-6506) at approximately 9:45 a.m. ET. The conference ID for this call is 3476574.

A recording of the conference call will be available by calling 877-344-7529, or 412-317-0088 one hour after the conference call concludes on August 9, 2017. The replay ID is 10109939.

For international calls, please select a dial-in number from:
https://services.choruscall.com/ccforms/replay.html

The telephone recording will be available until 11:59 p.m. on August 23, 2017.

We look forward to your participation.

About Conduent  
Conduent (NYSE: CNDT) is the world's largest provider of diversified business services with leading capabilities in transaction processing, automation and analytics. The company's global workforce is dedicated to helping its large and diverse client base deliver quality services to the people they serve. These clients include 76 of the Fortune 100 companies and over 500 government entities.

Conduent's differentiated offerings touch millions of lives every day, including two-thirds of all insured patients in the U.S. and nearly nine million people who travel through toll systems daily. Whether it's digital payments, claims processing, benefit administration, automated tolling, customer care or distributed learning – Conduent manages and modernizes these interactions to create value for both its clients and their constituents. Learn more at www.conduent.com.

Note: To receive RSS news feeds, visit www.news.conduent.com. For open commentary, industry perspectives and views, visit http://twitter.com/Conduent, http://www.linkedin.com/company/conduent or http://www.facebook.com/Conduent.

Conduent is a trademark of Conduent Incorporated in the United States and/or other countries.

 

View original content with multimedia:http://www.prnewswire.com/news-releases/conduent-to-report-second-quarter-2017-financial-results-on-august-9-2017-300494111.html

SOURCE Conduent Incorporated

RBB Bancorp Announcing Pricing Of Initial Public Offering

LOS ANGELES, July 26, 2017 /PRNewswire/ -- RBB Bancorp today announced the pricing of its initial public offering of 3,750,000 shares of no par value common stock at a price to the public of $23.00 per share and a total offering size of $86,250,000.  RBB Bancorp is offering 2,857,756 shares and the selling shareholders are offering 892,244 shares of RBB Bancorp's common stock.  The common stock is expected to begin trading on the Nasdaq Global Select Market on July 26, 2017 under the symbol "RBB."

The offering is expected to close on or about July 31, 2017, subject to customary closing conditions.

The underwriters have a 30-day option to purchase up to an additional 562,500 shares of common stock at the initial public offering price less the underwriting discount to cover any over-allotments. RBB Bancorp intends to contribute $25 million of the net proceeds that we receive from this offering to Royal Business Bank, its wholly-owned subsidiary, and to use the remainder for general corporate purposes, which could include future acquisitions and other growth initiatives.

Sandler O'Neill + Partners, L.P., Keefe, Bruyette & Woods, a Stifel Company, and Stephens Inc. are acting as book-running managers. FIG Partners, LLC is acting as co-manager.

This offering will be made only by means of a prospectus. Copies of the final prospectus relating to the proposed offering, when available, may be obtained by contacting Sandler O'Neill + Partners, L.P. at toll-free 1-866-805-4128 or by emailing syndicate@sandleroneill.com, or Keefe, Bruyette & Woods, Inc. at toll-free 1-800-966-1559 or by emailing kbwsyndicatedesk@kbw.com, or Stephens Inc. at toll-free 1-800-643-9691 or by emailing prospectus@stephens.com or FIG Partners, LLC at toll-free 1-866-344-2657 or by emailing ggersack@figpartners. Copies of the registration statement and final prospectus, when available, may also be obtained free of charge from the website of the U.S. Securities and Exchange Commission (the "SEC") at http://www.sec.gov.

The SEC declared the registration statement relating to these securities effective on July 25, 2017. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About RBB Bancorp

RBB Bancorp is a $1.5 billion in assets bank holding company headquartered in Los Angeles, California. Its wholly-owned subsidiary, Royal Business Bank (the "Bank"), is a full service commercial bank which provides business banking services to the Chinese-American communities in Los Angeles County, Orange County, Ventura County and in Las Vegas, including remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance and a full range of depository accounts.  The Bank has ten branches in Los Angeles County, located in downtown Los Angeles, San Gabriel, Torrance, Rowland Heights, Monterey Park, Silverlake, Arcadia, Cerritos, Diamond Bar, and west Los Angeles, two branches in Ventura County, located in Oxnard and Westlake Village, and one branch in Las Vegas, Nevada.  RBB's administrative and lending center is located at 123 E. Valley Blvd., San Gabriel, California 91176, and its finance and operations center is located at 7025 Orangethorpe Avenue, Buena Park California 90621. RBB's website address is www.royalbusinessbankusa.com.

Cautionary Note Regarding Forward-Looking Statements

This press release includes "forward-looking statements," including with respect to the initial public offering. Forward-looking statements are subject to many risks and uncertainties, including, but not limited to: changes in business plans as circumstances warrant; changes in general economic, business and political conditions, including changes in the financial markets; and other risks detailed in the "Cautionary Note Regarding Forward-Looking Statements," "Risk Factors" and other sections of the Registration Statement. Potential investors should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements.  Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "attribute," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "goal," "target," "outlook," "aim," "would," "annualized" and "outlook," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and RBB does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as may be required by law.

 

View original content:http://www.prnewswire.com/news-releases/rbb-bancorp-announcing-pricing-of-initial-public-offering-300494204.html

SOURCE RBB Bancorp

BGC Partners Reports Second Quarter 2017 Financial Results

BGC Declares Quarterly Dividend

Conference Call to Discuss Results Scheduled for 10:00 AM ET Today

NEW YORK, July 26, 2017 /PRNewswire/ -- BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC," or "the Company"), a leading global brokerage company servicing the financial and real estate markets, today reported financial results for the quarter ended June 30, 2017.

A complete and full-text financial results press release, including information about today's financial results conference call and BGC's most recent dividend declaration, is accessible at the "Investors & Media" section under either "Investor Relations" or "BGC Press Releases" at http://www.bgcpartners.com.  It is also available directly at any of the following web pages:

http://ir.bgcpartners.com/ (an HTML version with Excel financial tables or PDF)

http://ir.bgcpartners.com/news-releases/news-releases (an HTML version with Excel financial tables or PDF)

http://www.bgcpartners.com/category/bgc-releases/ (PDF only)

(Note: If clicking on the above links does not open up a new web page, you may need to cut and paste the above URLs into your browser's address bar.)

About BGC Partners, Inc.
BGC Partners is a leading global brokerage company servicing the financial and real estate markets. BGC owns GFI Group Inc., a leading intermediary and provider of trading technologies and support services to the global OTC and listed markets. The Company's Financial Services offerings include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commodities, futures, and structured products. BGC provides a wide range of services, including trade execution, broker-dealer services, clearing, trade compression, post trade, information, and other services to a broad range of financial and non-financial institutions. Through brands including FENICS, BGC Trader, Capitalab, Lucera, and FENICS Market Data, BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and markets. Real Estate Services are offered through brands including Newmark Knight Frank, Newmark Cornish & Carey, ARA, Computerized Facility Integration, Newmark Knight Frank Valuation & Advisory, and Excess Space. Under these names and others, the Company provides a wide range of commercial real estate services, including leasing and corporate advisory, investment sales and financial services, consulting, project and development management, and property and facilities management.

BGC's customers include many of the world's largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, property owners, real estate developers, and investment firms. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com. You can also follow the Company at https://twitter.com/bgcpartners and/or https://www.linkedin.com/company/bgc-partners.

BGC, BGC Trader, GFI, FENICS, FENICS.COM, Capitalab, Swaptioniser, ColleX, Newmark, Grubb & Ellis, ARA, Computerized Facility Integration, Landauer, Lucera, and Excess Space, Excess Space Retail Services, Inc., and Grubb are trademarks/service marks, and/or registered trademarks/service marks and/or service marks of BGC Partners, Inc. and/or its affiliates. Knight Frank is a service mark of Knight Frank (Nominees) Limited.

Discussion of Forward-Looking Statements about BGC Partners
Statements in this document and in the financial results press release for the quarter ended June 30, 2017 regarding BGC that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, BGC undertakes no obligation to update any forward-looking statements.  For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC's Securities and Exchange Commission filings, including, but not limited to, the risk factors set forth in the most recent Form 10-K and any updates to such risk factors contained in subsequent Forms 10-Q or Forms 8-K.

Logo - http://photos.prnewswire.com/prnh/20110720/MM38935LOGO

alliantgroup Celebrates Bring Your Child to Work Day

HOUSTON, July 26, 2017 /PRNewswire/ -- As a thank you to the company's team members, alliantgroup will be hosting "Bring Your Child to Work Day" on Friday, July 28th.

Held twice a year, "Bring Your Child to Work Day" gives employees the opportunity to spend additional time with their families while at the office. The children in attendance will be treated to lunch and a movie and will go on a tour of alliantgroup's state-of-the-art building as well as the firm's world-class gym. The day will conclude with the kids participating in a field day event as part alliantgroup's health and wellness initiative.

"It has always been a goal of mine to promote a family-like atmosphere in the office, to create a place where people love coming to work every day," said alliantgroup CEO, Dhaval Jadav. "So, why not help to create that kind of atmosphere by allowing employees to bring their children in to see first-hand what alliantgroup is all about and what their parents do at work."

"Our people are what make alliantgroup such a fantastic place to build a career," said Jadav. "I can't think of a better 'thank you' to our employees than giving them the opportunity to spend even more time with their loved ones."

alliantgroup is a leading tax consultancy that specializes in helping U.S. businesses and their CPAs properly identify and claim government-sponsored tax credits and incentives. Headquartered in Houston, alliantgroup has offices across the country including in Chicago, Boston, New York, Irvine, Indianapolis, Sacramento, Orlando and Washington, D.C. To date, we have helped over 20,000 businesses claim more than $5 billion in federal and state incentives. For more information, please follow alliantgroup on Facebook, LinkedIn and Twitter.

Media Contact
David Rosen
alliantgroup
713-350-3167
david.rosen@alliantgroup.com

View original content with multimedia:http://www.prnewswire.com/news-releases/alliantgroup-celebrates-bring-your-child-to-work-day-300493843.html

SOURCE alliantgroup

Will 75 Million Baby Boomers’ Desire for Walkability Impact City Planning?

Data shows that seniors - even those who need assistance with mobility - want walkable neighborhoods, which could significantly affect community development and design

SEATTLE, July 26, 2017 /PRNewswire/ -- A Place for Mom, the nation's largest senior living referral service, today released detailed findings from its Senior Living Preferences Survey that reveal a number of surprising trends in senior housing and care, including the preference to live in walkable neighborhoods, a trend more often ascribed to millennials.

The study shows for the first time not only walkability preferences, but how those preferences vary by senior care needs, senior living budget, financial resources and age. The study also provides deeper insight into other senior housing and care consumer preferences, including top priorities and various neighborhood characteristics.

"The findings from this study are significant to not just seniors and their families, but to a broad audience who has the potential to shape future developments of senior living communities, neighborhoods and cities," says Charlie Severn, head of marketing at A Place for Mom. "The data can help inform local politicians and relevant stakeholders before making choices around zoning and the allocation of resources for public services."

Highlights from the study include:

  • Walkability is not just for active seniors. Strong preference for walkability is most common among senior apartment consumers (53%), but over a third of independent living consumers (38%) and over a quarter of assisted living consumers (26%) show a strong preference for walkability.
  • Walkability is not just for city-slickers. Consumers in both urban and rural areas prefer walkable communities. To the extent that differences in preferences exist, walkability is most important to consumers who prefer urban centers. Yet more than half of consumers who prefer suburbs, as well as a third or more of consumers who want to live in a small town or rural area, also strongly prefer walkability.
  • Regardless of care needs, the top three most important neighborhood features are low crime rate, close proximity to hospitals, and close proximity to family. Over 90 percent of consumers in each senior housing and care category prefer a neighborhood with low crime; same for proximity to a hospital.

A Rapidly Aging U.S. Population Will Transform Housing

By 2020, nearly 56 million Americans will be age 65 or older and many of those older adults will be moving into senior housing and care.

"The population is also physically aging more slowly, so many older adults will be able to stay more active later in life than past generations," says A Place for Mom's data scientist Ben Hanowell. "Across the spectrum of care needs, older adults will have a major impact on housing development over the next two decades. As a society, we need to start paying more attention to their behavior and preferences."

Positive Impact on Growing Communities

Until now, little was known about the neighborhood preferences of senior living consumers, or how those preferences vary by age and senior care needs. The study sheds new light on the topic, providing important context for urban developers as they develop future plans to accommodate all generations, including aging baby boomers. It presents an opportunity to develop sustainable, mixed-use, dense and multi-generational communities in America's rapidly growing cities and suburbs.

"There are obvious health benefits of walkable neighborhoods for seniors, but dense neighborhoods can benefit from the presence of seniors who can reduce traffic and the stress on local services," said Larry Gerber, founder of EPOCH. "As more and more cities deal with the strains of rapid growth, they would be smart to consider creating housing and walkable communities that appeal to both seniors and millennials."

Walkability Is Not Just for Millennials and Generation X

A Portland State University and the National Association of REALTORS® study found millennials were almost two times more likely than baby boomers or the silent generation to find a walkable community "very important." Still, a sizable minority of older adults – 30 percent, or tens of millions of Americans – care about walkability.

"It's time to abandon the idea that only millennials and Generation X care about walkability and the services available in dense urban neighborhoods," adds Severn. "These results show a growing set of senior housing consumers also find these neighborhoods desirable. It's a trend that should be top of mind among developers."

William Pettit, president of R.D. Merrill Co., parent company of Merrill Gardens, who operates several senior communities in the Seattle area, agrees.

"This survey confirms one of our core development strategies," says Pettit. "Our residents deserve freedom and flexibility to do everything that they enjoy in life. Walkability and access to good public transportation lets them live life on their terms, which is more fulfilling and fun."

About Senior Living Preferences Survey

A Place for Mom surveyed nearly 1,000 consumers who contacted the company looking for private-pay independent living, assisted living, or senior apartments during the first three months of 2017. Survey responses were matched to information from A Place for Mom transaction data about consumers' care needs, demographics, and financial options to see how these factors impact preferences.

About A Place for Mom

A Place for Mom, Inc., is North America's largest senior living referral service with more than 400 senior living advisors providing resources and personalized assistance in finding senior living options. A Place for Mom works with a nationwide network of over 17,000 providers to help families find options based on a loved one's stated needs, preferences and budget. This may include independent senior housing, home care, residential care homes, assisted living communities and specialized Alzheimer's memory care. The service is offered at no charge to families as providers pay a fee to A Place for Mom. For more information, visit www.aplaceformom.com, call 1-877-311-6099 or visit one of A Place for Mom 's social networks at Twitter, Facebook, Google +, Senior Living Blog and Pinterest.

 

View original content with multimedia:http://www.prnewswire.com/news-releases/will-75-million-baby-boomers-desire-for-walkability-impact-city-planning-300494003.html

SOURCE A Place for Mom