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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Thursday, July 2, 7:07 PM

Slide #3. Valley National Bancorp Preferred Stock Offering

Company: Valley National Bancorp (NYSE:VLY)
Date announced: 6/16/2015
Shares Offered: 4,600,000
Date of Pricing: 6/16/2015
Price Per Share: $25
Preferred Stock Offering Details: Valley National Bancorp ("Valley") (NYSE: VLY) today announced that it has commenced public offerings of its subordinated debentures (the "Notes") and non-cumulative perpetual preferred stock (the "Preferred Stock"). - udpated 6/17 - Valley National Bancorp ("Valley") (NYSE: VLY) today announced that it priced $100 million of its Subordinated Debentures due June 30, 2025 (the "Notes") and 4,600,000 shares of its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A (the "Preferred Stock"). The Notes have a fixed interest rate of 4.55% per annum, payable semi-annually, a 10 year term and were issued at a discount of 0.042% to par. The Preferred Stock will be issued at a public offering price of $25.00 per share. Dividends on the Preferred Stock will accrue and be payable quarterly in arrears, at a fixed rate per annum equal to 6.25% from the original issue date to, but excluding, June 30, 2025, and thereafter at a floating rate per annum equal to three-month LIBOR plus a spread of 3.85%.

Valley National Bancorp is a bank holding company. Co. operates through its principal subsidiary, Valley National Bank (the Bank). The Bank provides a range of commercial, retail and wealth management financial services products, and banking services including automated teller machines, telephone and internet banking, remote deposit capture, overdraft facilities, and safe deposit facilities. The Bank also provides certain international banking services to customers including standby letters of credit, documentary letters of credit and related products, and certain ancillary services. At Dec 31 2013, Co. had total assets of $16.16 billion and total deposits of $11.32 billion.

Preferred: VLY.PRA

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Name:  Valley National Bancorp
Sector:  Banking & Savings
Number of ETFs Holding VLY:  54 (see which ones)
Total Market Value Held by ETFs:  $294,569,363
Total Market Capitalization:  $2,397,000,000
% of Market Cap. Held by ETFs:  12.29%

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