Valley National Bancorp announced the full redemption of its $115,000,000 aggregate principal amount of 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030. The redemption date for these Notes is set for June 15, 2025.
The Notes will be redeemed at 100% of their principal amount, plus accrued and unpaid interest up to, but excluding, the redemption date. Interest on the Notes will cease to accrue on and after the redemption date, and no Notes will remain outstanding.
CEO Ira Robbins stated that the company's strengthened balance sheet positioned it to redeem the Notes, further optimizing the efficiency of its capital base. This move provides financial flexibility to support Valley's strategic initiatives.
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