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Valley National Bancorp Announces Proposed 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 a proposed public offering of shares of its common stock, no par value (the "Common Stock").

In addition, Valley expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares of its Common Stock sold in this offering at the public offering price, less underwriting discounts and commissions.

Valley expects to use the net proceeds from this offering for general corporate purposes and 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 at www.sec.gov, or may be obtained from: Valley National Bancorp, 70 Speedwell Avenue, Morristown, New Jersey ...