Valley Natl Bancorp Stock Price, News & Analysis

Demolition has commenced for Valley National Bank's new headquarters in Morristown, NJ, set to open by March 2023. The modern, high-performance office will accommodate over 660 employees and features innovative design catered to the workforce's needs. This relocation from Wayne, NJ, to a prime downtown location aims to enhance employee experience and attract top talent. Valley's new base will be approximately 120,000 square feet, integrating outdoor spaces and retail options, thus invigorating the local economy.

Valley National Bancorp (NASDAQ:VLY) reported a net income of $115 million for Q4 2021, up from $105.4 million in Q4 2020, but down from $122.6 million in Q3 2021. The recent acquisition of The Westchester Bank added approximately $1.4 billion in assets and $915 million in loans. Adjusted net income was $120.5 million. Total loans increased by $1.5 billion to $34.2 billion, while total deposits rose by $2 billion to $35.6 billion. Non-interest income fell by $4.2 million, and non-interest expenses increased by $9.6 million. The efficiency ratio stood at 52.19%.

Valley National Bancorp (NASDAQ:VLY) announced shareholder approval for the issuance of common stock to facilitate the acquisition of Bank Leumi Le-Israel Corporation, the US subsidiary of Bank Leumi. Over 98% of voting shareholders favored this proposal at the Special Meeting. Valley has already received regulatory approvals from the Federal Reserve Bank of New York and the Office of the Comptroller of the Currency, but finalization depends on additional approvals from the New York State Department of Financial Services and the Bank of Israel.

Valley National Bancorp (VLY) will release its fourth quarter 2021 earnings on January 27, 2022, before the market opens. CEO Ira Robbins will host a conference call at 11:00 AM (ET) to discuss the earnings. Interested listeners can join by calling 866-354-0432, Conference ID: 2858424, or via a live webcast. The earnings presentation materials will be available on Valley's website prior to the call. Valley National Bank, the principal subsidiary, operates with over $41 billion in assets across multiple states.

Valley National Bancorp (NASDAQ:VLY) has received regulatory approval from the Federal Reserve Bank of New York and the Office of the Comptroller of the Currency for its acquisition of Bank Leumi Le-Israel Corporation, the U.S. subsidiary of Bank Leumi Le-Israel B.M. This acquisition is still pending additional approvals, including from the New York State Department of Financial Services and the Bank of Israel, as well as Valley's shareholders. Valley has over $41 billion in assets and aims to enhance its service offerings through this strategic acquisition.

Valley National Bancorp (NASDAQ: VLY) has announced the promotion of Thomas Iadanza to President of Valley National Bank. In this role, he will manage daily operations, including commercial and retail banking, digital products, and customer experience. Iadanza, a ten-year veteran of the bank, emphasized the institution's growth from $20 billion to nearly $50 billion in assets during this period. CEO Ira Robbins praised Iadanza’s leadership, anticipating further expansion and a continued focus on service-oriented banking.

Valley National Bancorp (NASDAQ:VLY) announced its regular quarterly dividends for shareholders of record on December 15, 2021. A cash dividend of $0.390625 per share will be paid on December 30, 2021, for its 6.25% Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock Series A. The 5.50% Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock Series B will receive $0.34375 per share. The common stock also receives a dividend of $0.11 per share on January 3, 2022. Notably, the common cash dividend remains unchanged from the previous quarter.

Valley National Bancorp (NASDAQ:VLY) has successfully completed its merger with The Westchester Bank Holding Corporation as of December 1, 2021. Valley will issue approximately 15.7 million shares of common stock, offering Westchester shareholders a conversion rate of 229.645 Valley shares for each Westchester share. The Westchester Bank, with about $1.3 billion in assets, is now merged under the Valley National Bank name, enhancing Valley's presence in Westchester County, New York. Full systems integration is anticipated to be finalized in Q1 2022.