Valley National Bancorp Announces Redemption of $115,000,000 Aggregate Principal Amount of 5.25% Fixed-To-Floating Rate Subordinated Notes Due 2030

Rhea-AI Summary

Valley National Bancorp (NASDAQ: VLY) has announced the full redemption of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030, with an aggregate principal amount of $115 million. The redemption is scheduled for June 15, 2025, at a price of 100% of the principal amount plus accrued and unpaid interest. Interest on the Notes will cease after the redemption date.

CEO Ira Robbins highlighted that the company's strengthened balance sheet has enabled this redemption, demonstrating Valley National's financial flexibility while maintaining support for strategic initiatives.

Positive

• Demonstrates financial strength and flexibility to redeem $115 million in notes
• Indicates improved balance sheet position
• Potential for improved capital efficiency

Negative

• None.

News Market Reaction

-1.20%

1 alert

-1.20% News Effect

On the day this news was published, VLY declined 1.20%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, May 16, 2025 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ: VLY), the holding company for Valley National Bank, today announced the redemption, in full, of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”) in an aggregate principal amount of $115,000,000. The redemption date for the Notes is June 15, 2025 (the “Redemption Date”). The Notes will be redeemed at a redemption price of 100% of the principal amount plus accrued and unpaid interest to, but excluding, the Redemption Date.

In accordance with the terms of the Notes, the holders of the Notes will receive notice of the redemption and further instructions and details related to the process of such redemption. Interest on the Notes will cease to accrue on and after the Redemption Date, and no Notes will remain outstanding following the redemption.

Ira Robbins, Chief Executive Officer, commented, “Over the last few years we have strengthened our balance sheet which has positioned us to redeem the Notes. We are pleased to have the financial flexibility to further optimize the efficiency of our capital base while maintaining the ability to support our strategic initiatives.”

About Valley

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $62 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to valley.com or call our Customer Care Center at 800-522-4100.

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 expectations with respect to the redemption. Such forward-looking statements involve certain risks and uncertainties. Actual outcomes may differ materially from such forward-looking statements. Factors that may cause actual outcomes to differ materially from those contemplated by such forward-looking statements are included in Valley’s filings with the Securities and Exchange Commission, including Part I, Item 1A “Risk Factors” of Valley’s Annual Report on Form 10-K for the year ended December 31, 2024. Valley undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in its expectations, except as required by law. Although Valley believes that the expectations reflected in the forward-looking statements are reasonable, future results, levels of activity, performance and achievements cannot be guaranteed.

Contact:	Travis Lan
	Senior Executive Vice President and
	Chief Financial Officer
	973-686-5007

FAQ

What is the redemption amount for Valley National Bancorp's (VLY) 2030 Notes?

Valley National Bancorp is redeeming $115 million in aggregate principal amount of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030.

When will VLY redeem its 5.25% Fixed-to-Floating Rate Subordinated Notes?

The redemption date is set for June 15, 2025.

What is the redemption price for Valley National's 2030 Notes?

The Notes will be redeemed at 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date.

Why is Valley National Bancorp (VLY) redeeming its Subordinated Notes?

According to CEO Ira Robbins, the company has strengthened its balance sheet, allowing it to optimize capital efficiency while maintaining support for strategic initiatives.