Valley National Wins Regulatory Approval to Redeem Trust Preferred Shares
Valley National Bancorp ("Valley") (NYSE: VLY), 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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