Valley National Bancorp Announces Pricing of Series C Preferred Stock Offering
NEW YORK, July 29, 2024 (GLOBE NEWSWIRE) — Valley National Bancorp (“Valley”) (NASDAQ:VLY), the holding company for Valley National Bank, today announced the pricing of a public offering of 6,000,000 shares of its 8.250% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C (the “Preferred Stock”), for gross proceeds of $150 million. Each share of the Preferred Stock will be issued at a public offering price of $25 per share and has a liquidation preference of $25 per share. Dividends on the Preferred Stock will accrue and be payable quarterly in arrears, at a fixed rate per annum equal to 8.250% from the date of original issue to, but excluding September 30, 2029, and thereafter at a rate per annum equal to the five-year U.S. treasury rate (as defined in the preliminary prospectus supplement relating to the offering) as of the most recent dividend payment date (as defined in the preliminary prospectus supplement) plus 4.182%.