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Valley National Bancorp ("Valley")
, the holding company for Valley National Bank today announced that
it received approval from the Federal Reserve Bank of New York to redeem all
of the outstanding 7 3/4% Trust Preferred Securities issued by VNB Capital
Trust I totaling $127.3 million. In connection with this redemption, Valley
will also redeem the related outstanding junior subordinated debentures issued
by the holding company. Valley expects to deliver a notice of redemption to
the holders of the Trust Preferred Securities within the next 60 days.
The Trust Preferred Securities are publicly traded under the ticker symbol
"VLYPRA" on the New York Stock Exchange. From time to time, Valley's Board has
granted management authorization to call all or part of the remaining Trust
Preferred Securities for redemption prior to their stated maturity date of
December 15, 2031, subject to the Federal Reserve's approval.
Valley also received regulatory approval to issue up to $125 million in
subordinated debt. The timing and amount of any offering of subordinated debt
is subject to market conditions and other factors. This press release does
not constitute an offer to sell or a solicitation of an offer to buy the
securities described herein, nor shall there be any sale of these securities,
in any jurisdiction in which such an offer, solicitation, or sale would be
unlawful prior to registration or qualification under the securities laws of
any jurisdiction.
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