WAYNE, N.J., June 16, 2015 /PRNewswire/ -- 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").
Valley intends to use the net proceeds from these offerings for
general corporate purposes, potential strategic acquisitions and
investments in Valley National Bank as regulatory
capital.
Sandler O'Neill + Partners, L.P., Keefe, Bruyette & Woods, A
Stifel Company and Deutsche Bank Securities Inc. are acting as
joint book-running managers for the Notes offering. Sandler
O'Neill + Partners, L.P., Keefe, Bruyette & Woods, A Stifel
Company and RBC Capital Markets are acting as joint book-running
managers for the Preferred Stock offering.
The Notes and the Preferred Stock will be issued pursuant to an
effective shelf registration statement (File No. 333-202916)
(including base prospectus) and, in each case, 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 Notes offering can be obtained
without charge by visiting the SEC's website at www.sec.gov, or may
be obtained from: Sandler O'Neill + Partners, L.P., 1251 Avenue of
the Americas, 6th Floor, New
York, New York 10020, Attn: Syndicate Operations, Telephone
Number: 1-866-805-4128; Keefe, Bruyette & Woods, A Stifel
Company, 787 Seventh Ave., 4th Floor, New York, New York 10019, Attention: Equity
Capital Markets, 1-800-966-1559; and Deutsche Bank Securities Inc.,
60 Wall Street, New York, New York
10005, Attn: Prospectus Group, 1-800-503-4611.
Copies of the preliminary prospectus supplement and accompanying
base prospectus relating to the Preferred Stock offering can be
obtained without charge by visiting the SEC's website at
www.sec.gov, or may be obtained from: Sandler O'Neill + Partners,
L.P., 1251 Avenue of the Americas, 6th Floor,
New York, New York 10020, Attn:
Syndicate Operations, Telephone Number: 1-866-805-4128; Keefe,
Bruyette & Woods, A Stifel Company, 787 Seventh Ave.,
4th Floor, New York, New
York 10019, Attention: Equity Capital Markets,
1-800-966-1559; and RBC Capital Markets, LLC at Three World
Financial Center, 200 Vesey Street, 8th Floor,
New York, NY 10281, Attention:
Investment Grade Syndicate Desk, telephone: 866-375-6829, or by
email at rbcnyfixedincomeprospectus@rbccm.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
Notes or the Preferred Stock in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. Any offering of the Notes or the Preferred
Stock is being made only by means of a written prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as
amended.
About Valley
Valley National Bancorp is a regional bank holding company
headquartered in Wayne, New Jersey
with approximately $19 billion in
assets. Its principal subsidiary, Valley National Bank, currently
operates 224 branch locations throughout northern and central
New Jersey, the New York City boroughs of Manhattan, Brooklyn, Queens and Long
Island, and southeast and central Florida. Valley National Bank is one of the
largest commercial banks headquartered in New Jersey and is committed to providing the
most convenient service, the latest in product innovations and an
experienced and knowledgeable staff with a high priority on
friendly customer service 24 hours a day, 7 days a week. For more
information about Valley National Bank and its products and
services, please visit www.valleynationalbank.com or call our 24/7
Customer Service Center at 800-522-4100.
Forward Looking Statements
This document contains and incorporates by reference certain
forward-looking statements regarding our financial condition,
results of operations and business. These statements are not
historical facts and include expressions about management's
confidence and strategies and management's expectations about new
and existing programs and products, acquisitions, relationships,
opportunities, taxation, technology, market conditions and economic
expectations.
You may identify these statements by looking for:
- forward-looking terminology, like "should," "expect,"
"believe," "view," "opportunity," "allow," "continues," "reflects,"
"typically," "usually," or "anticipate;"
- expressions of confidence like "strong" or "on-going;" or
- similar statements or variations of those terms.
These forward-looking statements involve certain risks and
uncertainties. Actual results may differ materially from the
results the forward-looking statements contemplate because of,
among others, the following possibilities:
- failure to obtain shareholder or regulatory approval for our
merger with CNLBancshares, Inc. ("CNL") or to satisfy other
conditions to the merger (the "Merger") on the proposed terms and
within the proposed timeframe including, without limitation, delays
in closing the Merger;
- adverse reaction to the Merger by CNL's customers or
employees;
- the diversion of management's time on issues relating to the
Merger;
- the inability to realize expected cost savings and synergies
from the Merger in the amounts or in the timeframe
anticipated;
- changes in the estimate of non-recurring charges;
- costs or difficulties relating to integration matters might be
greater than expected;
- material adverse changes in our operations or earnings;
- a severe decline in the general economic conditions of
New Jersey, the New York Metropolitan area or Florida;
- unexpected changes in market interest rates for interest
earning assets and/or interest bearing liabilities;
- less than expected cost savings from long-term borrowings that
mature from 2015 to 2018;
- government intervention in the U.S. financial system and the
effects of and changes in trade, monetary and fiscal policies and
laws, including the interest rate policies of the Federal
Reserve;
- claims and litigation pertaining to fiduciary responsibility,
contractual issues, environmental laws and other matters;
- higher than expected loan losses within one or more segments of
our loan portfolio;
- declines in value in our investment portfolio, including
additional other-than-temporary impairment charges on our
investment securities;
- unexpected significant declines in the loan portfolio due to
the lack of economic expansion, increased competition, large
prepayments or other factors;
- unanticipated credit deterioration in our loan portfolio;
- unanticipated loan delinquencies, loss of collateral, decreased
service revenues, and other potential negative effects on our
business caused by severe weather or other external events;
- higher than expected tax rates, including increases resulting
from changes in tax laws, regulations and case law;
- an unexpected decline in real estate values within our market
areas;
- higher than expected FDIC insurance assessments;
- the failure of other financial institutions with whom we have
trading, clearing, counterparty and other financial
relationships;
- lack of liquidity to fund our various cash obligations;
- unanticipated reduction in our deposit base;
- potential acquisitions that may disrupt our business;
- legislative and regulatory actions (including the impact of the
Dodd-Frank Wall Street Reform and Consumer Protection Act and
related regulations) subject us to additional regulatory oversight
which may result in higher compliance costs and/or require us to
change our business model;
- changes in accounting policies or accounting standards;
- our inability to promptly adapt to technological changes;
- our internal controls and procedures may not be adequate to
prevent losses;
- the inability to realize expected revenue synergies from the
1st United Bancorp, Inc. ("1st United") merger in the amounts or in
the timeframe anticipated;
- inability to retain customers and employees, including those of
1st United;
- lower than expected cash flows from purchased credit-impaired
loans;
- cyber attacks, computer viruses or other malware that may
breach the security of our websites or other systems to obtain
unauthorized access to confidential information, destroy data,
disable or degrade service, or sabotage our systems;
- future goodwill impairment due to changes in our business,
changes in market conditions, or other factors; and
- other unexpected material adverse changes in our operations or
earnings.
A detailed discussion of factors that could affect our results
is included in our SEC filings, including the "Risk Factors"
section of our Annual Report on Form 10-K for the year ended
December 31, 2014.
We undertake no duty to update any forward-looking statement to
conform the statement to actual results or changes in our
expectations. Although we believe that the expectations reflected
in the forward-looking statements are reasonable, we cannot
guarantee future results, levels of activity, performance or
achievements.
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SOURCE Valley National Bancorp