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. The redemption date for the notes is set for June 15, 2025, at a redemption price of 100% of the principal amount plus accrued and unpaid interest up to the redemption date.
This move signifies Valley National Bancorp's strengthened balance sheet, which has positioned the company to redeem the notes. With approximately $62 billion in assets, Valley National Bank, the principal subsidiary of Valley National Bancorp, is committed to providing convenient service, the latest innovations, and a dedicated team across various states.
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's Chief Executive Officer, Ira Robbins, expressed satisfaction with the financial flexibility gained through strengthening the balance sheet, which allows for the optimization of the efficiency of the capital base while supporting strategic initiatives.
This redemption of subordinated notes reflects Valley National Bancorp's commitment to enhancing its financial position and capital structure, ultimately contributing to its ability to support the company's growth and strategic 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. If you want to know more, read the company's complete 8-K report here.
