Valley National Bancorp (NASDAQ: VLY) has announced the full redemption of its 5.25% fixed-to-floating rate subordinated notes due 2030. The aggregate principal amount of the notes being redeemed is $115,000,000, and the redemption date is set for June 15, 2025. The redemption price is at 100% of the principal amount plus accrued and unpaid interest to, but excluding, the redemption date.
Valley National Bancorp's CEO, Ira Robbins, noted that the redemption of the notes is possible due to the strengthening of the company's balance sheet in recent years, providing them with the financial flexibility to optimize the efficiency of their capital base while still supporting strategic initiatives.
As of now, Valley National Bank, the principal subsidiary of Valley National Bancorp, holds approximately $62 billion in assets and operates numerous branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois.
The announcement indicates that interest on the notes will cease to accrue after the redemption date, and no notes will remain outstanding following the redemption.
No specific financial metrics or changes since the last period were provided in the press release. 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.
