Valley National Bancorp (NASDAQ: VLY) has announced the redemption of its 5.25% fixed-to-floating rate subordinated notes due 2030, totaling $115,000,000 in aggregate principal amount. This redemption will take place in full on June 15, 2025, at a redemption price of 100% of the principal amount plus accrued and unpaid interest.
This move comes as Valley National Bancorp has strengthened its balance sheet in recent years, providing the financial flexibility to optimize the efficiency of its capital base while supporting strategic initiatives. As a result of this redemption, interest on the notes will cease to accrue after the redemption date, and no notes will remain outstanding.
Valley National Bancorp, the holding company for Valley National Bank, is a regional bank with approximately $62 billion in assets. It operates numerous branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois.
The company remains committed to providing convenient service, the latest innovations, and a knowledgeable team dedicated to meeting customer needs. Valley's corporate citizenship philosophy places an emphasis on helping communities grow and prosper.
This redemption of the subordinated notes reflects Valley National Bancorp's commitment to maintaining a strong financial position while strategically managing its capital base to support its ongoing business objectives. As a result of these announcements, the company's shares have moved 0.0% on the market, and are now trading at a price of $9.16. For more information, read the company's full 8-K submission here.
