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. 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 up to the redemption date.
One notable remark from the Chief Executive Officer, Ira Robbins, is that the company has strengthened its balance sheet over the past few years, which has enabled them to redeem these notes. This move reflects the company's commitment to optimizing its capital base while supporting its strategic initiatives.
Valley National Bancorp, as the holding company for Valley National Bank, boasts approximately $62 billion in assets and operates across various regions including New Jersey, New York, Florida, Alabama, California, and Illinois. The company is dedicated to providing convenient service, the latest innovations, and a knowledgeable team to meet customer needs.
The redemption of these notes signifies a milestone in Valley National Bancorp's financial strategy and capital management, indicating a positive shift in the company's financial position. The market has reacted to these announcements by moving the company's shares -1.47% to a price of $9.025. For the full picture, make sure to review VALLEY NATIONAL BANCORP's 8-K report.
