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)...