Valley National Bancorp (VLY) in Wayne, N.J., has agreed to buy 1st United Bancorp (FUBC) in Boca Raton, Fla.

The $16 billion-asset Valley National will pay $312 million in stock for the $1.7 billion-asset 1st United. The transaction is expected to close in the fourth quarter. Valley said it expects the deal to be accretive to its 2015 earnings and that an expected 2.7% tangible book value dilution will be earned back in just over four years.

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