Valley National Bancorp Announces Redemption of $115,000,000 Aggregate Principal Amount of 5.25% Fixed-To-Floating Rate Subordinated Notes Due 2030
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.
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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.
Details
News Market Reaction – VLY
The recorded move for VLY in the trading session of this news was -1.20%.
Data tracked by StockTitan Argus. Session date unavailable.
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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
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
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 |
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