Valley National Bancorp announces full redemption of $115 million subordinated notes, effective June 15, 2025.
Quiver AI Summary
Valley National Bancorp announced the full redemption of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030, totaling $115 million, effective June 15, 2025. The notes will be redeemed at 100% of the principal amount plus accrued interest, and holders will receive notification and instructions regarding the process. Following the redemption, no notes will remain outstanding, and interest will cease to accrue. CEO Ira Robbins emphasized that this move reflects the bank's strengthened balance sheet, providing financial flexibility to optimize its capital base while supporting strategic initiatives. Valley National Bank operates branches across several states and aims to empower customers while promoting community growth.
Potential Positives
- The full redemption of $115 million in subordinated notes demonstrates Valley National Bancorp's strong financial position and ability to manage debt effectively.
- This move optimizes the company's capital base, potentially improving overall financial efficiency and flexibility for future investments.
- The statement from CEO Ira Robbins highlights a strengthened balance sheet, which may instill confidence in investors and stakeholders about the company's financial health.
Potential Negatives
- The redemption of the subordinated notes may indicate a need to optimize capital, which could raise concerns among investors about the company’s financial flexibility and stability.
- The company’s forward-looking statements include disclaimers about risks and uncertainties, which may create apprehension regarding future performance among stakeholders.
- The immediate cessation of interest payments following the redemption could be seen as a signal of tighter liquidity and reduced income generation for certain investors.
FAQ
What is the redemption date for Valley National Bancorp's subordinated notes?
The redemption date for the subordinated notes is June 15, 2025.
How much is Valley National Bancorp redeeming in subordinated notes?
Valley National Bancorp is redeeming an aggregate principal amount of $115,000,000 in subordinated notes.
Will interest continue to accrue after the redemption date?
No, interest on the notes will cease to accrue on and after the redemption date.
Who commented on the financial flexibility of the company?
Ira Robbins, Chief Executive Officer, commented on the financial flexibility of Valley National Bancorp.
How can I learn more about Valley National Bank?
To learn more about Valley National Bank, visit valley.com or call their Customer Care Center at 800-522-4100.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$VLY Insider Trading Activity
$VLY insiders have traded $VLY stock on the open market 4 times in the past 6 months. Of those trades, 2 have been purchases and 2 have been sales.
Here’s a breakdown of recent trading of $VLY stock by insiders over the last 6 months:
- JOSEPH CHILLURA (SEVP, CML Banking President) has made 0 purchases and 2 sales selling 100,000 shares for an estimated $1,030,500.
- EYAL EFRAT purchased 196 shares for an estimated $1,795
- NITZAN SANDOR purchased 110 shares for an estimated $1,126
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$VLY Hedge Fund Activity
We have seen 217 institutional investors add shares of $VLY stock to their portfolio, and 174 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BALYASNY ASSET MANAGEMENT L.P. removed 5,525,782 shares (-67.1%) from their portfolio in Q1 2025, for an estimated $49,124,201
- AQR CAPITAL MANAGEMENT LLC added 5,147,786 shares (+101.5%) to their portfolio in Q1 2025, for an estimated $45,763,817
- UBS GROUP AG added 4,807,042 shares (+239.9%) to their portfolio in Q1 2025, for an estimated $42,734,603
- FREESTONE GROVE PARTNERS LP added 3,998,897 shares (+inf%) to their portfolio in Q1 2025, for an estimated $35,550,194
- WEDGE CAPITAL MANAGEMENT L L P/NC added 3,631,722 shares (+inf%) to their portfolio in Q1 2025, for an estimated $32,286,008
- CITADEL ADVISORS LLC removed 3,565,930 shares (-93.7%) from their portfolio in Q1 2025, for an estimated $31,701,117
- GOLDMAN SACHS GROUP INC added 3,091,169 shares (+43.4%) to their portfolio in Q1 2025, for an estimated $27,480,492
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
NEW YORK, May 16, 2025 (GLOBE NEWSWIRE) -- Valley National Bancorp ( NASDAQ: VLY ), the holding company for Valley National Bank, today announced the redemption, in full, of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Notes”) in an aggregate principal amount of $115,000,000. The redemption date for the Notes is June 15, 2025 (the “Redemption Date”). The Notes will be redeemed at a redemption price of 100% of the principal amount plus accrued and unpaid interest to, but excluding, the Redemption Date.
In accordance with the terms of the Notes, the holders of the Notes will receive notice of the redemption and further instructions and details related to the process of such redemption. Interest on the Notes will cease to accrue on and after the Redemption Date, and no Notes will remain outstanding following the redemption.
Ira Robbins, Chief Executive Officer, commented, “Over the last few years we have strengthened our balance sheet which has positioned us to redeem the Notes. We are pleased to have the financial flexibility to further optimize the efficiency of our capital base while maintaining the ability to support our strategic initiatives.”
About Valley
As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $62 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to valley.com or call our Customer Care Center at 800-522-4100.
Forward-Looking Statements
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s expectations with respect to the redemption. Such forward-looking statements involve certain risks and uncertainties. Actual outcomes may differ materially from such forward-looking statements. Factors that may cause actual outcomes to differ materially from those contemplated by such forward-looking statements are included in Valley’s filings with the Securities and Exchange Commission, including Part I, Item 1A “Risk Factors” of Valley’s Annual Report on Form 10-K for the year ended December 31, 2024. Valley undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in its expectations, except as required by law. Although Valley believes that the expectations reflected in the forward-looking statements are reasonable, future results, levels of activity, performance and achievements cannot be guaranteed.
| Contact: | Travis Lan |
| Senior Executive Vice President and | |
| Chief Financial Officer | |
| 973-686-5007 |
