Valley National Bancorp Prices New Common Stock Offering
Valley National Bancorp (“Valley”) (NASDAQ: VLY), the holding company for Valley National Bank, has officially priced a significant public offering. The company announced it will offer 42,780,748 shares of its common stock, with no par value, at a price of $9.35 per share. This offering is poised to generate gross proceeds amounting to $400 million.
Details of the Offering
In conjunction with this offering, Valley has provided the underwriters with a 30-day option to acquire an additional 6,417,112 shares of common stock at the same offering price, which excludes any underwriting fees. The transaction is expected to finalize soon, with an anticipated closing date shortly after the announcement.
Intended Use of Proceeds
The net proceeds from this public offering are earmarked for general corporate purposes and are expected to support investments in Valley National Bank, primarily as regulatory capital, thereby strengthening the bank’s balance sheet and improving its financial position.
Underwriting and Legal Support
J.P. Morgan is designated as the sole book-running manager for this offering, ensuring that the process is conducted efficiently and professionally. Valley has also enlisted the services of Wachtell, Lipton, Rosen & Katz to provide legal counsel during this transaction, further demonstrating the company’s commitment to adhering to regulatory standards.
About Valley National Bank
Valley National Bank stands as a pillar in the regional banking sector, carrying over $62 billion in assets. The bank operates a wide network of branches and commercial banking facilities spanning several states, including New Jersey, New York, Florida, Alabama, California, and Illinois. Valley is dedicated to empowering individuals and businesses to thrive, emphasizing innovative banking solutions, exceptional customer service, and community involvement.
Contact Information
For inquiries regarding this offering, interested parties can reach out to Travis Lan, Executive Vice President and Deputy Chief Financial Officer, at 973-686-5007.
Frequently Asked Questions
What is the pricing of the recent stock offering by Valley National Bancorp?
The stock offering has been priced at $9.35 per share, totaling gross proceeds of approximately $400 million.
How many shares are being offered in this public offering?
Valley National Bancorp is offering 42,780,748 shares of common stock, with an option for underwriters to purchase additional shares.
What will the proceeds from the stock offering be used for?
The proceeds will be used for general corporate purposes and to strengthen regulatory capital in Valley National Bank.
Who is managing the stock offering?
J.P. Morgan is acting as the sole book-running manager for the offering.
Where can investors obtain the preliminary prospectus related to the offering?
Investors can access the preliminary prospectus via the SEC’s website or by contacting the company's office directly.
