NEW YORK, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Valley National Bancorp (NASDAQ:VLY) (“Valley”) announced today that it priced $150 million of its 6.25% Fixed-to-Floating Rate Notes due 2032 (the “Notes”). Interest on the Notes will accrue at a rate equal to (i) 6.25% per annum from the original issue date to, but excluding, September 30, 2027, payable semiannually in arrears, and (ii) a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR (as defined in the Notes), plus a spread of 278 basis points from, and including, September 30, 2027, payable quarterly in arrears. The Notes are intended to qualify as Tier 2 capital for regulatory purposes.

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