- Valley National Bancorp (VLY, Financial) to redeem $115 million in subordinated notes on June 15, 2025.
- Notes to be redeemed at 100% of the principal, ceasing interest afterwards.
- CEO Ira Robbins highlights improved balance sheet enabling strategic flexibility.
Valley National Bancorp (VLY) has announced its plan to redeem 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030, with an aggregate principal amount of $115 million. The redemption is scheduled for June 15, 2025, when the notes will be redeemed at 100% of the principal amount, plus any accrued and unpaid interest up to, but excluding, the redemption date.
The company has confirmed that interest on these notes will cease following the redemption date, ensuring no notes will remain outstanding thereafter. This move reflects the financial flexibility that Valley National has achieved through a strengthened balance sheet, as noted by CEO Ira Robbins. Robbins emphasized that the improved financial standing positions the company to optimize capital efficiency while supporting strategic initiatives.
Valley National Bank, the principal subsidiary of Valley National Bancorp, operates with approximately $62 billion in assets. The bank serves multiple states including New Jersey, New York, Florida, Alabama, California, and Illinois, aiming to provide convenient services and innovations to its customers. Those interested in learning more about Valley can visit Valley's website or contact their Customer Care Center.
