Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact email@example.com.
SOURCE Valley National Bancorp
WAYNE, N.J., Sept. 27, 2013 /PRNewswire/ -- Valley National Bancorp (NYSE: VLY) ("Valley"), the holding company of Valley National Bank, announced that it has delivered a notice of redemption effective October 25, 2013 of the entire outstanding principal face amount of approximately $127.3 million of the 7 ¾% Trust Preferred Securities issued by VNB Capital Trust I (the "Capital Trust"), Valley's subsidiary trust. The Trust Preferred Securities are publicly traded under the ticker symbol "VLYPRA" on the New York Stock Exchange and will be redeemed prior to their stated maturity date of December 15, 2031.
Today, Valley also issued $125 million of its 5.125% Subordinated Debentures due September 27, 2023 (the "Notes") pursuant to an effective shelf registration statement (File No. 333-191168) (including base prospectus) and prospectus supplement previously filed with the Securities and Exchange Commission. Valley intends to use the net proceeds from the Notes together with other available funds to redeem its $131.3 million outstanding aggregate principal amount of 7 ¾% Junior Subordinated Debentures issued to the Capital Trust. On October 25, 2013, the Capital Trust will simultaneously redeem all of its Trust Preferred Securities, as well as all of the outstanding common securities of the Capital Trust.
Valley National Bancorp is a regional bank holding company headquartered in Wayne, New Jersey with approximately $16 billion in assets. Its principal subsidiary, Valley National Bank, currently operates 206 branches in 145 communities serving 16 counties throughout northern and central New Jersey, Manhattan, Brooklyn, Queens and Long Island. Valley National Bank is one of the largest commercial banks headquartered in New Jersey and is committed to providing the most convenient service, the latest in product innovations and an experienced and knowledgeable staff with a high priority on friendly customer service 24 hours a day, 7 days a week. For more information about Valley National Bank and its products and services, please visit www.valleynationalbank.com or call Customer Service, 24/7 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 confidence and strategies and management's expectations about new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by such forward-looking terminology as "should," "expect," "believe," "view," "opportunity," "allow," "continues," "reflects," "typically," "usually," "anticipate," or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:
A detailed discussion of factors that could affect our results is included in our SEC filings, including the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2012.
We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
©2012 PR Newswire. All Rights Reserved.