Valley National Bancorp has announced the full redemption of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030, amounting to $115 million. The redemption is set for June 15, 2025, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest up to the redemption date. CEO Ira Robbins noted that the redemption is a result of the company's strengthened balance sheet, allowing for greater financial flexibility and capital optimization. Interest on the notes will cease after the redemption date, and no notes will remain outstanding thereafter.
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