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Valley National Bancorp Announces Pricing of Common Stock Offering

NEW YORK, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Valley National Bancorp ("Valley") (NASDAQ:VLY), the holding company for Valley National Bank, today announced the pricing of a public offering of 42,780,748 shares of its common stock, no par value (the "Common Stock"), at a public offering price of $9.35 per share, for aggregate gross proceeds of $400 million.

In addition, Valley has granted the underwriter a 30-day option to purchase up to an additional 6,417,112 shares of its Common Stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on November 12, 2024, subject to the satisfaction of customary closing conditions.

Valley intends to use the net proceeds from this offering for general corporate purposes and for investments in Valley National Bank as regulatory capital.

J.P. Morgan is acting as sole book-running manager for the offering. Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Valley.

The Common Stock will be issued pursuant to an effective shelf registration statement (File No. 333-278527) (including base prospectus) and a preliminary prospectus supplement filed with the Securities and Exchange Commission (the "SEC"), and a final prospectus supplement to be filed with the SEC.

Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the Common Stock offering can be obtained without charge by visiting the SEC's website ...