Valley National Bancorp Reduces Debt with $115M Redemption

By Greg Peters • Sunday, May 18 06:06 • Permanent Link

Valley National Bancorp (NASDAQ: VLY) has announced the full redemption of its 5.25% fixed-to-floating rate subordinated notes due 2030, totaling $115,000,000 in aggregate principal amount. The redemption date is set for June 15, 2025, and the notes will be redeemed at a price of 100% of the principal amount plus accrued and unpaid interest.

This move comes as Valley National Bancorp has strengthened its balance sheet over the past few years, providing the company with the financial flexibility to optimize the efficiency of its capital base while supporting strategic initiatives, according to Chief Executive Officer Ira Robbins.

Valley National Bancorp, the holding company for Valley National Bank, operates with approximately $62 billion in assets and is committed to empowering individuals and businesses to succeed. The bank has numerous branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois.

This redemption signifies a strategic financial maneuver for Valley National Bancorp, aligning with its commitment to maintaining a strong balance sheet and capital base while supporting its 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 the full picture, make sure to review VALLEY NATIONAL BANCORP's 8-K report.

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